Liugong Signs Strategic Cooperation Agreement with Shougang

September 20, 2017, Beijing, Today, Guangxi Liugong Group Co., Ltd. ("Liugong") and Shougang Group Co., Ltd. ("Shougang") have signed a strategic cooperation agreement at BICES 2017. This strategic cooperation agreement will be furthered. Promote comprehensive and in-depth cooperation between Liugong and Shougang in the steel business, mining machinery, engineering machinery, and construction machinery.

It is reported that Liugong acquired a 42% stake in Beijing Shougang Heavy-Duty Vehicle Manufacturing Co., Ltd. in 2011 and became a shareholder of Shougang CNPC with Shougang Mining Co., Ltd. and began to establish a cooperative relationship with Shougang. Although facing the decline of the mining market in the past six years, both parties are still sincerely cooperating to overcome the difficulties and jointly support the development of Shougang. In June 2017, Liugong further acquired the equity of Shougang Steel and became the controlling shareholder of Shougang CNPC. Liugong continues to promote the development of mining truck products and business. After six years of cooperation, the two sides mutually recognized each other's corporate culture and values, and both have the intention to further strengthen cooperation. Therefore, this time the company further signed a strategic cooperation agreement.

In the signing of the strategic cooperation agreement, Liugong and Shougang established the long-term strategic cooperation relationship of the mining machinery industry based on the principle of complementary advantages and win-win cooperation, and further developed the strategic cooperation relationship in steel business, engineering machinery, and construction machinery. The two sides will establish a system of regular meetings between senior leaders and set up a joint special working group to promote the implementation of strategic cooperation between the two sides. (This article is from Liugong)
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