Nippon Steel and Baoshan have reached a basic agreement to establish a joint venture producing and s

Nippon Steel Corporation
Baoshan Iron & Steel Co.， Ltd.

Nippon Steel Corporation (”NSC”) and Baoshan Iron & Steel Co.， Ltd. (”Baoshan”) have basically agreed to establish a joint venture (”JV”) in the Baoshan compound for producing and selling automotive sheet steels and signed a letter of intent on July 22， 2003. The JV will aim to meet demand for high-grade automotive sheet steels that is expected to grow in China in the medium and long term， with the growth of the automotive market.

NSC and Baoshan will discuss details of terms and conditions based on the above basic agreement and aim to sign definitive agreements within this year. The start of operation of the JV is scheduled for May 2005， subject to the approval of the Chinese authority.

Baoshan was established through the efforts of Chinese people and the cooperation of NSC as a symbolic project of economic cooperation between the two nations following the conclusion of the Treaty of Peace and Friendship between Japan and The People’s Republic of China in 1978. Since its birth， Baoshan has greatly contributed to the development of the Chinese economy and has also deepened its relationship with NSC in various fields. Now， NSC and Baoshan firmly believe that through the JV， both companies will be able to contribute more to the development of the Chinese steel and automotive industries and to the strengthening of the ties of economic cooperation between both countries.



Xie Qihua
was born in June 1943
1966 She graduated from Qinghua University as a professor-level senior engineer
1968 She began her career in steel industry
Oct. 1978 She joined Baosteel
Jul. 1990 She was promoted to be vice commander of Baosteel Project Headquarters.
1993 Director of the Planning and Development Department of Baosteel
1994-1998 Vice Chairman of Baosteel Group Corporation.
Nov.1998 Vice Chairman and president of Shanghai Baosteel Group Corporation
2000 Chairperson of Baoshan Iron & Steel Co. Ltd. since
Feb.2003 Chairperson of Shanghai Baosteel Group Corporation

Ai Baojun
was born in February 1960
1983 He graduated from Northeast University
1988 He was awarded a master degree in enterprise project management and a senior accountant
1990-1991 He continued his studies in USA
Sept.1994 He joined Baosteel
1998 Director， vice president， chief accountant， Shanghai Baosteel Group Company
1999 Vice Chairman and President， Baoshan Iron & Steel Co.，

He was awarded a title of honored Ph. D by Maastricht School of Management， Netherlands.