Paris--Groupe Michelin has reportedly signed a partnership agreement with a Chinese steel producer to make steelcord for tyres. Michelin will supply technology to help Baoshan Iron and Steel improve its steelcord products and place orders for steelcord and bead wire. In return, Shanghai-based Baoashan will supply Michelin with 6500 tonnes of steelcord for use in its Chinese-made tyres.
Historically, when Michelin has entered new regions, it has supported local suppliers with technology and orders, in an effort to develop local supply of the raw materials needed to make tyres.
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Les Echos (France) main page. Enter "Baoshan" in the "mot clef" box top right for a list of headlines. Subscription to Les Echos required to view the full story. Non-subscribers can access the French-language story for a nominal charge.
Yahoo! Finance (UK) story
Website of Baoshan Steel