On July 29, Mr. Tang Fuping, China Minmetals' Party Group Secretary and Chairman, headed a delegation to BenxiIron& Steel (Group) Co., Ltd. ('Benxi Steel'for short) in Benxi city of Liaoning province, and held a meeting with Chen Jizhuang, Chairman and Secretary of the Party Committee of Benxi Steel, and Wang Shu, Deputy Chairman, General Manager and Deputy Secretary of the Party Committee of Benxi Steel.

At the meeting, both sides had extensive discussions on deepening cooperation.

Tang expressed his gratitude to Benxi Steel for its gracious hospitality and long-term trust and support for China Minmetals, and introduced the performance of China Minmetals over the past years. He said that since the strategic restructuring of China Minmetals and MCC, China Minmetals has been the first to build a whole industry chain in the field of global metal ore, covering from resource acquisition, survey, design, construction, operation to distribution and deep processing. And China Minmetals continues to focus on the building of metal ore, metallurgical construction, trade, logistics, finance and real estate, and the consolidation of the business system featured by 'four beams and eight columns'. China Minmetals has an asset worth RMB 2.16 trillion under control and the revenue in 2019 exceeded RMB 600 billion.

Tang pointed out that China Minmetals and Benxi Steel has established a friendly cooperation with mutual trust, in particular the constructive cooperation in such fields as design and construction of metallurgical projects, supply of raw materials for trade and logistics, distribution of steel products and processing distribution as well as third-party logistics service. Both sides are expected to take this meeting as an opportunity to establish a more efficient and smooth mechanism for communication and cooperation. And then he put forward three suggestions: first, both sides should think in big-term picture and proactively promote high-level exchanges to upgrade the past piecemeal cooperation to the comprehensive systematical cooperation; second, both sides should, on the basis of respective strengths and practical needs, further explore the space for cooperation, expand the scope of cooperation and in particular strengthen the cooperation in metallurgical construction, trade and logistics. MCC and China Minmetals should use multiple approaches to provide value-added services with higher quality for Benxi Steel; third, both sides should carry out exchanges between the grass-roots organizations. The business teams of both sides shall timely communicate with each other, maintain close contact and review the work on a regular basis to ensure smooth, stable and sustained cooperation.

Chen Jizhuang extended a warm welcome to the delegation headed by Tang Fuping and expressed gratitude to China Minmetals for its long-term, strong support for Benxi Steel. He pointed out that there is a long-standing cooperation relationship between Benxi Steel and China Minmetals. Both sides have built up a deep partnership in the process of advancing the coordinated practice in the industrial chain. Whether in the design and construction of metallurgical projects, or in steel product export and domestic trade as well as the import of raw material and logistics, China Minmetals has always been the most important strategic partner of Benxi Steel. Given the profound foundation of cooperation between both sides, a promising future is there for the mutual cooperation. Both sides are expected to focus on every link of the whole industry chain of the ferrous metal. On top of that, both sides should carry out comprehensive strategic cooperation in the complementation of raw material resources, ore blending and intensive procurement at the upper stream of the industrial chain, and engineering distribution, processing distribution and logistics of the whole industrial chain at the downstream of the industrial chain, to further enhance our capacity in providing comprehensive service to the customers and achieve the development model of mutual benefit and win-win outcome.

Both sides also had extensive discussions on the issues of common interests, such as the development trend of the steel industry, and the opportunities and challenges faced by us.

Liu Caiming, China Minmetals' Vice President, Chief Account and Party Group Member, Cao Aiming, Director and Chief Account of BEN GANG GROUP, Gao Lie, Deputy General Manager and Zhang Guiyu, Deputy General Manager and Chief Engineer of Benxi Steel, attended the meeting. Other attendees included the leaders from BEN GANG GROUP headquarters and the affiliated enterprises, as well as the leaders from the Strategy Development Division of China Minmetals, MCC and Minmetals Development Co., Ltd.

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