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Baosteel Signs Cooperation Agreement with Commercial Aircraft Corporation
01/15/2009 - Baosteel signs strategic cooperation agreement with Commercial Aircraft Corp. of China, Ltd that is designed to expedite the work associated with researching, developing and applying new steel materials for large aircraft projects.
Baosteel has signed a strategic cooperation agreement with Commercial Aircraft Corp. of China, Ltd (COMAC) that is designed to speed up the work associated with researching, developing and applying steel materials for large aircraft projects.
The agreement was signed in Shanghai by Baosteel Group Company Board Chairman Xu Lejiang and COMAC General Manager Jin Zhuanglong. The signing ceremony was also attended by He Jiacheng, Chairman of the Board of Supervision of COMAC accredited by State-owned Assets Supervision and Administration Commission of the State Council (SASAC) and Zhang Qingwei, Board Chairman of COMAC.
COMAC, as the first large aircraft company held by the state, was established and commonly funded in May last year by SASAC, China Aviation Industry Corp. I(AVIC I), Baosteel Group Co., and Aluminum Corp. of China. The company focuses on the research and manufacture of large aircraft projects to support the industrialization of civil aircrafts in China. Baosteel initiated its active research on special steel for large aircraft following the listing of the national large aircraft project in 2007, and has already achieved preliminary results.
Now, Baosteel and COMAC have established a long-term stable strategic cooperation partnership. The arrangement is designed to help both companies to maximize their position in the global market, develop mutual market benefits, and evade market risk based on such principles as mutual trust and equality, commonly shared benefits, mutual interest for each other, and common development.
Cooperation between the two companies is to focus on aviation steel material series development and new material R&D. The scope of the arrangement includes engineering, research and manufacture for civil aircraft and related products; scientific research cooperation regarding civil aircraft material series development; new material R&D, application technology, and environmental technology; and promotion of domestic production of aviation materials. Based on needs, Baosteel will prioritize its R&D of new aviation materials and provide technical support for the application of new materials developed by COMAC, while COMAC will actively assist Baosteel in its investigation of the airworthiness of newly developed materials.
Cooperation between the two companies is to focus on aviation steel material series development and new material R&D. The scope of the arrangement includes engineering, research and manufacture for civil aircraft and related products; scientific research cooperation regarding civil aircraft material series development; new material R&D, application technology, and environmental technology; and promotion of domestic production of aviation materials. Based on needs, Baosteel will prioritize its R&D of new aviation materials and provide technical support for the application of new materials developed by COMAC, while COMAC will actively assist Baosteel in its investigation of the airworthiness of newly developed materials.
In the meantime, both companies are to strengthen their cooperation on material purchasing, supply and aircraft component manufacturing. Under the condition of complying with COMAC product quality standards, COMAC will place a priority on purchasing of Baosteel products, and Baosteel will also give priority to its supply of raw materials for COMAC’s infrastructure. COMAC will also utilize Baosteel’s expertise in process, equipment design, manufacturing, and material engineering in their research and development work for aircraft components.
