On November 18, Anhui Province-based Chinese steelmaker Maanshan Iron and Steel Co. (Masteel) announced that it has signed a cooperation agreement with Shanghai Railway Bureau regarding transportation and logistics services. Accordingly, both sides hope to establish a long-term strategic cooperation, which will help increase logistics efficiency for Masteel.

As previously reported by SteelOrbis , in the first three quarters of the current year Masteel’s operating revenue amounted to RMB 56.392 billion ($9.245 billion), down 5.93 percent year on year, while the company recorded a net loss of RMB 329 million ($53.93 million) in the given period, down sharply from the net loss of RMB 3.138 billion ($514 million) registered in the same period last year.