On September 28th, Sinosteel, Luoyang SASAC and Luoyang Refractory Group Co., Ltd (Luonai Group) held a splendid signing ceremony of Cooperation Frame Agreement in the Luo Yang Dongshan Hotel. About 150 distinguished guests attended the ceremony including authorities from Henan Province and Luoyang. Sinosteel president Mr. Huang Tianwen, Luoyang SASAC director Tang Chao and Luonai Group President Mr. Yang Hongzhi signed the agreement on behalf of each party. At present, Luoyang SASAC is holding 69% of Luonai Group’s share. According to the agreement, Luoyang SASAC will transfer 54% of the share to Sinosteel for free. After holding the majority of the board, Sinosteel will invest to Luonai Group for 150 million RMB to increase its share held in Luonai Group, and create a research and production base of refractory materials with most competitiveness in China. Along with the Cooperation Frame Agreement , Sinosteel also entered into a Trusteeship Agreement of Share-Holding with Luoyang SASAC, which stipulates that Luoyang SASAC will relegate the left 15% shares to Sinosteel after the transfer. Both parties promised to sign another Transfer Agreement of State-Owned Shares For Free. Sinosteel is a central enterprise under the administration of the SASAC. Sinosteel is mainly engaged in developing, mining and processing of metallurgical mineral resources; trading and logistics of metallurgical raw materials and other related products; conducting research, application and service of metallurgical technologies, etc. Sinosteel has 11 specialized companies, 12 companies outside of Beijing, 7 technology companies, 17 overseas organizations and global marketing network and service mechanism. Sinosteel is one of the state-owned enterprises that first “Go Global” launching successful mineral resource projects. It has successfully established iron ore and chrome ore resource bases in Australia and South Africa, providing abundant mineral resources for the sustainable development of China. It is the raw material supplier and sales-agent for major Chinese steel mills, some of which Sinosteel has entered into long-term strategic partnership. Its trading transactions in iron ore, chrome ore, DRI, fluorspar, coke, manganese ore, scrap, steel products, magnesite and rare earth are in the leading position in China, The scientific & technological institutes under Sinosteel have solid research foundation and strength in the fields of geological exploration, beneficiation, heat engineering, environmental protection, refractory materials and metal products, etc. Boasting several stand-alone intellectual property rights, they accommodate many state-level research centers and are qualified to carry out master and doctor education. These institutes have taken part in the research works of some components of “Shenzhou-V” spaceship. They also have 27 lines for applying technologies achievements. Sinosteel is qualified to undertake project engineering & purchase, construction and auxiliary supply. As the agent for many Chinese and international equipment & technology suppliers, Sinosteel provided financing and bidding services for big Chinese steel mills on process modification. Sinosteel consultancy is the only metallurgical company in China that is given exclusive investment evaluation entrusted by National Development & Reform Commission. Luonai Group is a large enterprise built in the “First Five-Year Plan” Period. It is the predecessor of Luoyang Refractory Materials Factory. Its products are various and easy to operate. They are widely applied in steel, color metal, construction material, ceramic, petroleum and chemical, electricity and other fields. For many years, Sinosteel and LN maintained a friendly cooperation rela
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Sinosteel Corporation, Luoyang SASAC and Luoyang Refractory Group Co., Ltd Entered into Cooperation Frame Agreement
On September 28th, Sinosteel, Luoyang SASAC and Luoyang Refractory Group Co., Ltd (Luonai Group) held a splendid signing ceremony of Cooperation Frame Agreement in the Luo Yang Dongshan Hotel. About 150 distinguished guests attended the ceremony including authorities from Henan Province and Luoyang. Sinosteel president Mr. Huang Tianwen, Luoyang SASAC director Tang Chao and Luonai Group President Mr. Yang Hongzhi signed the agreement on behalf of each party. At present, Luoyang SASAC is holding 69% of Luonai Group’s share. According to the agreement, Luoyang SASAC will transfer 54% of the share to Sinosteel for free. After holding the majority of the board, Sinosteel will invest to Luonai Group for 150 million RMB to increase its share held in Luonai Group, and create a research and production base of refractory materials with most competitiveness in China. Along with the Cooperation Frame Agreement , Sinosteel also entered into a Trusteeship Agreement of Share-Holding with Luoyang SASAC, which stipulates that Luoyang SASAC will relegate the left 15% shares to Sinosteel after the transfer. Both parties promised to sign another Transfer Agreement of State-Owned Shares For Free. Sinosteel is a central enterprise under the administration of the SASAC. Sinosteel is mainly engaged in developing, mining and processing of metallurgical mineral resources; trading and logistics of metallurgical raw materials and other related products; conducting research, application and service of metallurgical technologies, etc. Sinosteel has 11 specialized companies, 12 companies outside of Beijing, 7 technology companies, 17 overseas organizations and global marketing network and service mechanism. Sinosteel is one of the state-owned enterprises that first “Go Global” launching successful mineral resource projects. It has successfully established iron ore and chrome ore resource bases in Australia and South Africa, providing abundant mineral resources for the sustainable development of China. It is the raw material supplier and sales-agent for major Chinese steel mills, some of which Sinosteel has entered into long-term strategic partnership. Its trading transactions in iron ore, chrome ore, DRI, fluorspar, coke, manganese ore, scrap, steel products, magnesite and rare earth are in the leading position in China, The scientific & technological institutes under Sinosteel have solid research foundation and strength in the fields of geological exploration, beneficiation, heat engineering, environmental protection, refractory materials and metal products, etc. Boasting several stand-alone intellectual property rights, they accommodate many state-level research centers and are qualified to carry out master and doctor education. These institutes have taken part in the research works of some components of “Shenzhou-V” spaceship. They also have 27 lines for applying technologies achievements. Sinosteel is qualified to undertake project engineering & purchase, construction and auxiliary supply. As the agent for many Chinese and international equipment & technology suppliers, Sinosteel provided financing and bidding services for big Chinese steel mills on process modification. Sinosteel consultancy is the only metallurgical company in China that is given exclusive investment evaluation entrusted by National Development & Reform Commission. Luonai Group is a large enterprise built in the “First Five-Year Plan” Period. It is the predecessor of Luoyang Refractory Materials Factory. Its products are various and easy to operate. They are widely applied in steel, color metal, construction material, ceramic, petroleum and chemical, electricity and other fields. For many years, Sinosteel and LN maintained a friendly cooperation rela