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Recently, Cheongfuli (Xiamen) Co., Ltd., a subsidiary of C&D Steel & Iron Group of C&D Inc. (600153.SH), has signed a memorandum of cooperation in Dubai with Conares, the second-largest privately owned steelmaker in the United Arab Emirates. This significant development marks a further strengthening of the partnership between the two esteemed companies.
Through this collaboration, Conares can leverage its expertise in steel manufacturing while benefiting from C&D Steel & Iron Group's supply chain operation resources in the Chinese steel market. This partnership allows for the effective utilization and enhancement of both companies' strengths. Both parties will collaborate to supply the GCC countries with top-notch Chinese steel products, catering to the escalating demand across industries like construction, infrastructure development, and manufacturing. Additionally, they will actively foster trade in goods and services between China and the GCC nations.