MOL Strengthens Ties with China’s Baosteel

October 20, 2009

TOKYO - Mitsui O.S.K. Lines, Ltd. (MOL, President: Akimitsu Ashida) today announced an agreement with China's Baosteel Group Corporation to further strengthen the companies' cooperative relationship. The agreement was reached at an October 13 meeting between MOL President Ashida and Baosteel President He Wenbo at Baosteel headquarters in Shanghai.

MOL presented a model of the 300,000-ton iron ore carrier Baosteel Elaboration^* to Baosteel as well.

"In the process of consolidation with other steel mills in China, Baosteel may gradually increase import of iron ore imports in the future, and transport needs may continue to grow," Baosteel said.

At the same time, President Ashida told Baosteel, "We emphasize a long-term relationship, and pledge to provide a reliable, economically efficient fleet."

* Baosteel Elaboration
Completed in June 2009 at Universal Shipbuilding Corporation Ariake Shipyard.
Since then on long-term contract to Baosteel.