According to HBIS, the joint venture would be in the northern Hebei province and would make high-quality, high-strength auto steel as part of HBIS’ Laoting cold rolling project. HBIS is China’s second-largest automotive steel supplier, producing 7 million metric tons in 2018. 

“Since the first half of 2019, the two partners have conducted multi-level technical and commercial discussions on the auto steel project and reached an intention to cooperate at the capital level. Looking forward, under the framework of the MOU, the two partners will better leverage respective advantages in technology, resources, etc., to jointly explore the high-end automobile market and achieve win-win results,” HBIS said in a statement.