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Hu Wangming, chairman of the group, held a face-to-face meeting with Eduardo Bartolomeo, Vale’s chief executive officer, at Baowu’s headquarter Shanghai.

Hu said Baowu and Vale need to explore new models of future cooperation to achieve sustainability in the steel value chain.

He hopes to keep a stable iron ore supply with a reasonable price.

The meeting came after Hu, previously the general manager, stepped into his new role in June.

Both sides also discussed cooperation in investment in mineral resources as well as the research and development of the low-carbon metallurgical technology, it said without giving further details.