On the date, the launch meeting for the preparatory work of the new energy soft magnetic material upstream project, jointly invested by ArcelorMittal and China Oriental, was held in Jinxi. This marks the official commencement of the preparatory work for the highly anticipated new energy soft magnetic material upstream project, entering the substantive preparatory stage.

Han Jingyuan, Chairman of the Board and CEO of China Oriental Group, and Sanjay Sharma, Vice President of ArcelorMittal Group and CEO of China Region, attended the event and spoke on behalf of the Soft Magnetic Materials Project Executive Committee, respectively. Zhu Jun, Executive Director of China Oriental Group, conveyed the "Notice on the Establishment of the Preparatory Committee for the Upstream New Energy Soft Magnetic Materials Project and the Appointment of Personnel" on behalf of the Executive Committee. Evandro de Figueiredo Neto, Deputy Director of the Upstream Project Preparatory Committee, and Yu Lifeng, Project Director of the Upstream Project Preparatory Committee, both made statements. Han Li, Director of the Upstream Preparatory Committee and Executive Director and CFO of China Oriental Group, presided over the launch meeting. Representatives from ArcelorMittal Group, the Executive Committee of China Oriental, and the Preparatory Committee participated in the launch meeting.

Han Jingyuan stated in his speech that ArcelorMittal Group and China Oriental have deepened their cooperation over the years. The new energy soft magnetic material project today is a concrete manifestation of this deepened cooperation. With strong support from the Party committees and governments at all levels in Tangshan City, Hebei Province, and Changzhou City, Jiangsu Province, and through the collective efforts of the team, the project has entered the substantive stage of preparation and implementation. Today's kick-off meeting will establish the organizational structure, clarify functional divisions, set clear objectives, and quickly propel the project's various tasks to proceed in an orderly manner.

Han Jingyuan stated that ArcelorMittal holds a leading technological advantage in the global new energy soft magnetic materials field, while China Oriental has extensive experience in project construction and is committed to building the largest production and application base for large section steel in China, charting a distinctive path of transformation and upgrading. The new energy soft magnetic materials project will aim for green and intelligent development, establishing a leading benchmark and green factory in China, thereby propelling China Oriental towards higher-quality development.

Han Jingyuan stated that the project possesses three notable characteristics: solid foundations, complementary strengths, and strong alliances. The upstream project preparatory committee is tasked with promoting team integration and collaboration, fully embodying the entrepreneurial spirit of hard work, the team spirit of striving for progress, and the innovative spirit of self-improvement. Efforts should be made to expedite work, quickly assume roles, and strive for early groundbreaking and early production, aiming to deliver a satisfactory report through concrete actions.

Sanjay Sharma, during his speech, mentioned that China Oriental and ArcelorMittal have a long history of cooperation. Over the past few years, ArcelorMittal has actively participated in strategic projects and business planning for China Oriental's steel business, introducing the new energy soft magnetic material project, which is crucial for China Oriental's product portfolio and strategic development. It is hoped that both parties will work closely together, combining their strengths, focusing on their respective areas, advancing in parallel, optimizing project timelines, and saving investment. Driven by shared visions, advanced technologies, digitization, green energy, and a passion for excellence, they aim to build the new energy soft magnetic material project into a landmark high-tech, green, and digital soft magnetic project, aiming to rank among the top three in the Chinese soft magnetic material market. This will contribute to high-quality and sustainable development, creating a new industry名片 in Qianxi, Tangshan, and China.

At the kick-off meeting, the notice of establishing the Upstream Project Preparatory Committee was conveyed. The members of the preparatory team expressed that they will fully leverage the advanced technical advantages of ArcelorMittal and the deep industrial foundation and preparatory advantages of China Oriental, meticulously organize, carefully plan, and meticulously construct to ensure the smooth progress of the project, ensuring timely, high-quality, and quantitative completion of the schedule. The project will be crafted into a masterpiece, a benchmark, a business card, and a leading project, aiming to become a leader in the low-carbon transformation of the steel industry.

On the specified date this year, the New Energy Soft Magnetic Materials project held a grand signing ceremony in Tangshan. The project, a joint venture between ArcelorMittal and China Oriental, sees both parties investing equally, with upstream and downstream projects located in Tangshan, Hebei Province, and Changzhou, Jiangsu Province, respectively. The total investment amounts to $1 billion, making it one of the largest European investments in China in recent years and the largest foreign direct investment project in China's steel industry.

The project integrates high technology, green, intelligent, and digital elements, primarily producing advanced new energy soft magnetic materials, which are mainly used in various motors, generators, transformer cores, and electric motors for new energy vehicles, meeting the market demand for soft magnetic materials in China. Additionally, the project features green manufacturing, achieving 100% green electricity supply, and will bring about high-end new energy soft magnetic material products and a complete green ecosystem, aiming to establish itself as a global leading benchmark factory and green factory in the field of new energy soft magnetic materials.

Source: Jinxi Group

Editor｜Hao Shuhui

Review | Liu Jiajun

Planning | Chen Xiaoli