Baosteel Signs a Supply Agreement with Nedschroef

Chinese large steelmaker Baosteel has signed the contract with Netherlands-based Nedschroef for the supply of high strength cold forged steel wire rod widely used in automotive and mechanical engineering industries for manufacturing high-end automotive fasteners. As the production of cold forged steel wire rod is not very easy, in China, only Baosteel is successfully certified by car manufacturers like GM, VW, and Nissan so far. Expecting a bright future for Chinese car market, Nedschroef has also set up a plant in Kunshan, Jiansu Province of China in 2013. Baosteel will supply the highest level of “B Series” cold forged steel wire rod to the plant and the supply has been started. It is expected that the cooperation this time will not only push Baosteel into the tier of material supply for high-end automotive fastener manufacturing, but also boost the future development of the production of automotive fasteners in China.