China’s HBIS group or Hesteel and Italian firm Danieli will jointly establish a special steel firm. The project marks major international cooperation and mixed ownership venture for the Chinese steel industry. The two companies signed the agreement for the investment cooperation on Tuesday.
A press release on HBIS’s website announced the partnership but did not reveal investment details or the capacity of the new special steel base. The project will focus on integrating Hegang’s brand and market with Danieli’s technological and management advantages to create a special steel company in the new district of Hegang Shisteel.
The project will focus on advanced process equipment, ultra-low emissions and digital intelligent manufacturing with the implementation of 5G.