Daewoo Int’l inks deal with state-owned Chinese group

Daewoo International, an affiliate of Korea’s leading steelmaker Posco, has signed a business cooperation agreement with a Chinese state-owned company in a bid to boost its capability to procure raw materials in China, company officials said yesterday.

Under the deal, Daewoo International and China National Building Materials Group will strategically cooperate in developing new products and securing resources used for building, the Daewoo officials said.

China National Building Materials is the largest building materials industry group in China and deals with cement, lightweight building materials and engineering service businesses.

The deal calls for the two firms to strengthen their cooperation and exchange mechanisms in exploring raw materials such as iron ore and coal.