RIO DE JANEIRO, BRAZIL - China Baowu Group, the world’s top steelmaker, said on Thursday, June 24, that it would join forces with Brazilian miner Vale and Shandong Xinhai Technology to make stainless steel raw material nickel pig iron (NPI) in Indonesia.
Baowu subsidiary Taigang Iron and Steel, China’s second-biggest stainless steel producer, signed a framework agreement with PT Vale Indonesia and NPI maker Xinhai to jointly operate the Bahodopi nickel processing facility in Morowali on the island of Sulawesi, a Baowu statement said.
Vale will hold 49% in the project, which is expected to produce 73,000 . . .
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