On December 11, CNPC and Hunan Valin Iron and Steel Group Co., Ltd (Valin Group) signed a strategic cooperative agreement, which will help CNPC secure material supply for pipe manufacturing by utilizing Valin Group's equipment and R&D resources, and promote Valin Group's market share and sales network home and abroad by cooperating with CNPC.
Jointly established by Xiangtan Steel Group, Lianyuan Iron&Steel Group, and Hengyang Steel Tube Group Company, Valin Group is a solely state-owned company and has been consecutively listed in the nation's top 100 key industrial enterprises for several years. In 2008, the group produced 9.28 million tons of pig iron, 11.26 million tons of steel, and 10.47 million tons of steel products, achieving sales revenue of RMB 68.3 billion and profit of RMB 3.12 billion.