Anshan Iron and Steel Group Company and COSCO, China's largest steel complex and flag-carrier shipowner, have formed a partnership to cope with the influx of foreign competitors that will arrive following the country's entry into the World Trade Organization (WTO).
According to a framework agreement signed recently, the two companies will further consolidate their existing cooperation in transport of iron ore while expanding their cooperation to such fields as domestic and foreign trade shipment and supply of steel plates for ship use.
Liu Jie, general manager of the steel company, and Wei Jiafu, president of COSCO, shared the view that it will be a win-win situation for the both sides.
They were of the same opinion that China's economy will further merge into the world economy after the WTO entry.
(Xinhua News Agency February 19, 2002)
