August 18, 2023, China, On August 5th, XCMG Group and Baosteel Group held a ceremony to sign a strategic cooperation agreement, marking a new comprehensive and in-depth stage in their strategic partnership.

During the ceremony, both parties engaged in in-depth discussions on concentrating their advantageous resources to establish a close strategic cooperation. They will jointly collaborate on the development of high-end green mining equipment, promoting the construction of environmentally friendly and intelligent mines, and ensuring the security of the country's mining resources. XCMG Group and Baosteel Group have a long history of cooperation and have established a solid foundation for collaboration in various industries. In the future, Baosteel Group will leverage its advantages in the steel industry, particularly in rare earth steel products, in terms of resources, scale, technology, and variety. They will continuously explore new areas of cooperation with XCMG Group, nurturing and developing emerging businesses, expanding the scope of cooperation, and jointly creating a high-level model of upstream and downstream collaboration to achieve mutual benefit and win-win results.

In recent years, XCMG Group has been comprehensively advancing the "Five Transformations" of industry, including high-end, intelligent, green, service-oriented, and international transformation, accelerating the pace of high-quality development driven by innovation. The cooperation and development between XCMG Group and Baosteel Group have strong complementarity, broad prospects, and immense potential. It is hoped that both parties can take this signing as an opportunity to collaborate deeply in areas such as green and intelligent equipment, modern manufacturing services, and the application of hydrogen energy in the field of construction machinery, as well as other areas involving cutting-edge technology research and application, to jointly innovate and win together.
This strategic cooperation agreement represents a significant step forward in the partnership between these two industry giants, highlighting their commitment to innovation, sustainability, and mutual growth.