Baosteel Int'l inks supply deal with FAW Volkswagen
Shanghai Baosteel International Economic & Trading Corporation Ltd has signed an agreement with FAW Volkswagen, the joint venture between the First Automobile Works (FAW) and Germany's Volkswagen Group, to supply steel products to the latter, sources reported.
Under the terms of the agreement, Shanghai Baosteel International's Chengdu unit will be supplying steel products as well as services such as warehousing, processing and distribution to FAW Volkswagen's manufacturing facilities in the southwestern Chinese city.
Meanwhile, the two parties will also work on the improvement of the information system so as to enhance the efficiency of FAW Volkswagen's supply chain.
Through the cooperation with Baosteel International, a long-term strategic partner with FAW Volkswagen, the JV automaker is expected to further lower its purchasing cost and facilitate the mass production FAW Volkswagen in Chengdu, according to sources.
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