Schaeffler Group signed its world's first "TRUST" agreement with CITIC Pacific Special Steel.

Jul 05, 2023 (China Knowledge) - Germany's Schaeffler Group (SHA.DE) has signed a TRUST agreement with China's CITIC Pacific Special Steel (000708) marking its first such licensed TRUST to a steelmaker worldwide. This agreement not only recognizes CITIC Pacific Special Steel's achievements in material supply, technological innovation, problem-solving, and dual carbon reduction implementation but also signifies a new milestone in the future development of Schaeffler and CITIC Pacific Special Steel.

Moving forward, both parties will deepen and expand their long-term strategic partnership, continuing to collaborate extensively in areas such as green sustainable supply chains, new products and technologies, and digital connectivity. The Schaeffler Group plans to achieve climate neutrality in the supply chain by 2040 and climate neutrality in production by 2030.

Present at the signing ceremony were Andreas Schick, Chief Operating Officer of Schaeffler Group, Zhang Yilin, CEO of Greater China, Huang Junfeng, Senior Vice President of Procurement and Supplier Management for Greater China, as well senior management from CITIC Pacific Special Steel, including Li Guozhong, President, Xie Wenxin, Vice President, Luo Yuandong, Vice President, and Xu Xiaohong, Assistant President, as well as Bai Yun, General Manager of Xingcheng Special Steel.

During the ceremony, the Schaeffler management expressed their gratitude for the longstanding support from CITIC Pacific Special Steel, emphasizing the close and multi-field cooperation between the two companies. The 'green steel' procurement approach holds strategic significance for Schaeffler, and based on this new foundation of collaboration, both parties will further strengthen their cooperation in areas such as product supply chains, collaborative research and...