en.Wedoany.com Reported - Hou Angui, General Manager of China Baowu Steel Group Corp., Ltd., held a working meeting with Elaine L. Chao, Co-Chairman of the visiting U.S. Foremost Group, on the morning of June 15, 2026, at the China Baowu Building in Shanghai. Relevant officials from the Chinese People's Institute of Foreign Affairs and the Foreign Affairs Office of the Shanghai Municipal People's Government, along with representatives from Foremost Group and relevant departments of Baowu, including the Overseas Business Development Department, Raw Material Procurement Center, and Baowu Resources, attended the meeting. The two sides fully exchanged views on topics such as strengthening coordination and cooperation to elevate collaboration to new heights, and unanimously agreed to continue friendly cooperation, enhance communication, align on common goals, and work together to achieve mutual benefits.
China Baowu Steel Group Corp., Ltd. is a key state-owned backbone enterprise directly managed by the central government, headquartered in Shanghai, and is the world's largest and most influential integrated steel company. Originating from the Hanyang Iron Works and the steelmaking plant of the Jiangnan Machine Manufacturing Bureau in 1890, the company was formed through the merger of Baosteel Group and Wugang Group in 2016, and now has an annual steel production capacity of 130 million tons. In 2025, China Baowu achieved operating revenue of 740.2 billion yuan and a net profit of 16.2 billion yuan. In recent years, the company has continuously promoted green and low-carbon transformation, shifting its R&D focus to cutting-edge technologies such as low-carbon metallurgy and hydrogen-based steelmaking.
Founded in New York in 1964, Foremost Group is a well-known Chinese-American shipping company, with core businesses covering international shipping, finance, and international trade. Dr. James S.C. Chao, the group's founder and Honorary Chairman, is renowned as the "Chinese-American Shipping Tycoon," and his eldest daughter, Elaine L. Chao, served as the 24th U.S. Secretary of Labor and the 18th U.S. Secretary of Transportation. Currently, Foremost Group operates and has under construction a total of 35 cargo vessels, with a fleet aggregate deadweight tonnage of nearly 5 million tons. In 2024, Foremost Group returned to the Chinese shipbuilding market, ordering four 82,000 deadweight ton methanol dual-fuel bulk carriers from Chengxi Shipyard, with delivery expected between 2027 and 2028.
This meeting marks another high-level exchange between the two sides following Hou Angui's meeting with Foremost Group Chairman Dr. James S.C. Chao and Elaine L. Chao on May 31, 2024. As a renewed dialogue between the world's largest steelmaker and a renowned international shipping group, the two sides reached a consensus on coordination and deepening cooperation, laying the foundation for practical collaboration in areas such as raw material transportation and green shipping.
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