On March 27, HBIS Chairman Yu Yong met VALE CEO Eduardo Bartolomeo in Beijing and discussed that development of Chinese Steel industry and future cooperation in low carbon technologies. HBIS Chief Financial Officer Hu Zhigang, VALE Ferrite Project Executive Vice President Marcello Spinelli also attended the meeting.

Yu Yong said the history of steel industry told us the rapid development of an economic entity always followed a fast expanding steel industry and the steel industry supported high speed economic development. In the past, now and future, steel is always the most important material of all economies. In the high quality development phase, Chinese steel industry will be more market oriented, seeking diversified market and personalized market. Facing challenges green house emissions and subsequent climate changes, steel industry should take is responsibilities to reduce its carbon emissions. Carbon reduction needs an alliance of enterprises of the whole industrial chain to take coordinated actions to meet carbon neutralization goals. Firmly, HBIS is reducing carbon emission by using hydrogen steel making technologies, short procedure steel making technologies. By building a green steel supply chain, HBIS is now the leading company in the industry. As a supplier of raw materials, VALE has been very active in carbon reduction.In future, HBIS and VALE will enhance their coordination to build a green supply chain.

Eduardo Bartolomeo said VALE exported the shipment of iron ore to China in 1973. In the past 50 years, VALE has made its contribution in process of Chinese industrialization and economic development and made itself a fortune. Climate change poses great challenges to the global economy and mining industry need a revolution to resolve problems. VALE is willing to lead these efforts in new energy and low carbon projects. The projection is that before 2050, VALE net carbon emission will be zero. Mineral resources are not inexhaustible VALE is implementing a large scale mining hub in the middle east to produce HBI and premium steel products. VALE is willing to work with downstream clients to reduce their carbon emission. HBIS is a pioneer of green and low carbon development in China and VALE wishes to cooperate with HBIS in their green and low carbon development, jointly make greater contribution to reducing the carbon footprint of the steel industry.