COSCO in joint venture with Chinese steel giant
China’s COSCO Group and leading steel corporation the Angang Group have formed a 50-50 joint venture that specializes in bulk shipping.
The agreement between COSCO and Angang was signed Tuesday in Anshan.
At the ceremony the cooperation was described as a vehicle that “provides marine arms to Angang and land feet to COSCO,” reported COSCO
The launching of the joint venture is regarded as a model of collaboration between the Chinese shipping and steel giants. It is viewed as a reflection of the central government’s call on revitalizing the economy of the old heavy industry bases in northeast China, said COSCO.