On August 30th, the ceremony was held to sign the cooperation agreement between Sinosteel Corporation and Xi’ an Metallurgical Machinery Co., Ltd (hereinafter referred as “XMMC”) in Xi’an. This is a landmark from which Sinosteel Equipment & Engineering Company (SINOSTEEL MECC) has achieved the downward extension of its major business scope and the big breakthrough of its development through low cost expansion strategy, enterprises teaming up, merger, reorganization and holding shares etc.

Both SINOSTEEL MECC and XMMC stem from metallurgical equipment industry, have long history of development, and enjoy sound cooperation with each other. Their business scopes are also characterized with strong correlation and complementation. The main purpose of Sinosteel Corporation’s holding share in XMMC is to establish a heavy metallurgical equipment manufacture base with first class equipments in China, leading edge technology, high quality products, highly effective management, and the most competitive strength in research and development of heavy equipments, core product manufacture and complete set of equipments supply. There is no doubt that this move will conduce SINOSTEEL MECC’s transformation into an international engineering and technology company with strong competence through fully utilizing its advantages in machinery and electrical equipment complete set supply and integration, and based on that furthering its EPC project contracting and management.