Chinese steel giant gives stamp of approval to Aussie universities

Shanghai-based Baosteel Group will provide approximately $10 million in additional funds to continue the momentum of a successful research and development centre that combines the expertise of four Australian universities with the industrial strength of a global steel giant. The funding commitment, formalised in Shanghai last week, brings Baosteel's investment in the Baosteel-Australia Joint Research and Development Centre (BAJC) to almost $26 million since 2011. The collaborative centre is based at The University of Queensland and involves the University of New South Wales, Monash University and the University of Wollongong. UQ President and Vice-Chancellor, Professor Peter Høj , signed the renewal agreement with Baosteel Group Corporation President, Mr Derong Chen on March 23. Senior representatives of the partner universities also attended the signing, which cements funding for the next five years. Mr Chen hailed the centre as "an important part of Baosteel's technological innovation". Professor Høj said the reinvestment by Baosteel showed that global business valued the benefits which flow from working with Australian universities.