TISCO signs strategic cooperation agreement with Shanxi Rural Credit Union

 

The two sides signed the Agreement. Bai Zhibin

 

Taiyuan Iron & Steel (Group) Co., Ltd. (TISCO) and Shanxi Rural Credit Union (SRCU) signed a strategic cooperation frame agreement in the conference center of Garden International Hotel on April 6. The chairman Li Xiaobo, General Manager Gao Xiangming, CFO Han Zhentang, and Yang Guilong, CFO of STSS (publicly listed company of TISCO) from TISCO side, as well as the Chairman Cui Lianhui, Director Xing Liangxi, Vice Secretary of Party Committee Wang Zaisheng from SRCU side attended the signing ceremony. Related managers and principals form both sides witnessed the agreement signing.

In his address, Li Xiaobo stated that, as the core of modern economy, the prosperity of finance reflected the rise of economy. The SRCU had made remarkable headway in recent years and grown to be the biggest financial unit that played a significant role in the development of Shanxi province economy. At present when the whole steel industry was under restructuring and TISCO was speeding up its transition and upgrade, we needed the support from strong financial units like SRCU. The signing of the cooperation agreement today was not only an echo to the “six development” strategy and finance-driven strategy called for by Shanxi Province, but also a pragmatic action to seize development opportunity, expand development space and lift development quality. Li hoped both sides explore more cooperation to a deeper and wider way, and set a model for long-term and win-win alliance between financial and industrial players.

Cui Lianhui said although in different sectors, SRCU should learn management experience from TISCO, the big Chinese state-owned steel producer and the globally biggest stainless steel production base. SRCU, in its long history, had made important contribution to the finance sector of the province, especially in terms of three rural issues, i.e. agriculture, rural areas and farmers. The government was putting effort on the reform of Rural Credit Union. It was also a rare opportunity for Rural Credit Union to launch its transition. He hoped TISCO to participate in the reform and achieve mutual benefit.