Two giants team up in steel procurement deal

Shipping giant AP Moller - Maersk has inked a three-year steel procurement contract with Baosteel, China''s biggest steel producer. The deal states that Baosteel will supply steel products to Maersk for its shipping needs covering containers, ships and petroleum systems. Having been partners for more than 10 years, both firms agreed to collaborate on strategic operations in the future with the procurement details contained in the contract. With the building of the master plan, the two firms are willing to explore other business opportunities for wider cooperation in their global operations. As for the next level, Maersk and Baosteel will closely look into all available areas for cooperation and tap all related markets.Puma Rihanna