March 21, HBIS Chairman Yu Yong met VALE CEO Eduardo Bartolomeo and discussed the high quality development of world steel industry and agreed to deepen the cooperation of the two enterprises. HBIS Chief Accountant, Chier Finance Officer Hu Zhigang, VALE Iron Ore Solution Executive Vice President Marcello Spinelli also attended the meeting.

Yu Yong said HBIS and VALE had always been working closely, besides traditional iron ore trading, the fruitful cooperation included green & low carbon projects, cross-border?RMB?settlement. At present, China's steel industry to accelerate the development of new quality productivity to promote high-quality development, HBIS and VALE have the same development direction, broad space for cooperation. The two sides need keep up with the development trend of the industry to be smarter and greener, further consolidate traditional trade cooperation, and continue to expand cooperation areas, explore more cooperation paths around reducing carbon footprint, accelerating technological innovation, fulfill the green needs of customers, and jointly promote the high-quality development of the industry.

Eduardo Bartolomeo said, over the years, VALE and HBIS cooperation had been very smooth. The two companies are highly compatible in the concept of business separation and reducing carbon footprint. In future, VALE will continue to be a trustworthy partner of HBIS, on the one hand, more high-quality iron ore is produced to meet the needs of green metallurgy, on the other hand, further deepening the synergy and complementarity, making good use of the resources and advantages of both sides, actively looking for green low-carbon environmental protection cooperation paths, and jointly making more and greater contributions to promote the green development of the industry.

HBIS International Trade executives, VALE Global Iron Ore Sales, Global Hub and VALE China Executives also attended the meeting.