FMG signs MOUs with Chi­nese steel mills

The Australian Mining Review - - NEWS: INTERNATIONAL - JES­SICA CUM­MINS

FORTES­CUE Met­als Group (FMG) has signed eight Me­moranda of Un­der­stand­ing (MOUs) with ma­jor pub­lic and pri­vate Chi­nese steel mills at the in­au­gu­ral China In­ter­na­tional Im­port Expo.

The mills in­cluded Baowu Steel Group, the largest steel group in China and re­cip­i­ent of FMG’s first cargo of ore 10 years ago and its Echeng sub­sidiary; as well as He­bei Iron and Steel Group, China’s se­cond largest steel group.

FMG also planned to sign MOUs with Rizhao Iron & Steel; Min­metals Yingkou Medium Plate Co; Lingyuan Iron and Steel, Bao­tou Steel (Group) Co; and Anyang Iron and Steel.

FMG chief ex­ec­u­tive El­iz­a­beth Gaines said the MOUs reaf­firmed its com­mit­ment to cus­tomers and sig­nif­i­cant mar­ket pres­ence in China.

“As the low­est cost sup­plier of seaborne iron ore into China, Fortes­cue has en­joyed strong re­la­tion­ships with cus­tomers since our first ship­ment of iron ore a decade ago,” Ms Gaines said.

“As the One Belt, One Road ini­tia­tive con­tin­ues to grow, the open­ness and mu­tual un­der­stand­ing es­tab­lished by our bi­lat­eral trade re­la­tion­ships will be crit­i­cal to its suc­cess.

“Aus­tralia’s sig­nif­i­cant strate­gic part­ner­ship with China is built on the im­por­tance of trade and is a fun­da­men­tal pil­lar in our re­la­tion­ships across the Asian re­gion.”

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