On November 11, 2026, SKF Group and China Baowu Steel Group Co., Ltd. signed a Memorandum of Understanding (MOU) in Shanghai to deepen their strategic partnership. Key members of both companies’ management teams attended the signing ceremony, including Rickard Gustafson, President and CEO of SKF Group; Annika Olme, Chief Technology Officer and Senior Vice President of Technology Development; Wang Hui, President of SKF China and Northeast Asia; Hou Angui, General Manager of Baowu Group; and Wu Bin, Assistant to the General Manager and General Manager of the New Steel Materials Business Center.

 

 

The two sides reached a new consensus on strategic cooperation: They will deepen collaboration in five key areas—integration, intelligentization, green development, efficiency, and globalization—and leverage their respective strengths in bearing technology, steel manufacturing, smart solutions, and supply chain management to jointly promote collaborative innovation and high-quality development across the industrial chain.

 

Working Hand in Hand
Pursuing Collaboration

Deepening Cooperation Rickard Gustafson, President and CEO of SKF Group, stated in his remarks: “China is not only one of SKF’s most important global markets, but also a key hub for innovation and growth. Currently, SKF is further focusing on the industrial sector, resolutely advancing the implementation of its regionalization strategy, strengthening its localized presence across the entire value chain, and maintaining close collaboration with key customers. SKF and Baowu Group share a strong alignment in innovation, technology, sustainable development, and the pursuit of quality.

Looking ahead, SKF will integrate one-stop innovative solutions—including bearings, seals, lubrication systems, intelligent condition monitoring, and the circular economy—to deeply integrate into the entire steel production process. This will comprehensively empower Baowu to improve quality and efficiency, upgrade high-end equipment, and enhance the value of equipment throughout its entire lifecycle; At the same time, SKF will fully leverage its technical and industrial strengths in the field of rotating machinery to deepen development cooperation with China Baowu in the area of high-end bearing steel, helping Baowu accelerate structural optimization and enhance the resilience of its industrial chain, and jointly build a long-term strategic partnership based on mutual benefit and sustainable development.”

Hou Angui, General Manager of Baowu Group, pointed out that China’s steel industry has now entered a long-term phase of development characterized by production reduction and structural adjustment. Baowu is committed to a development path focused on high-end, intelligent, green, and efficient production. The group is continuously optimizing the layout of its steel production bases, accelerating the iteration and upgrading of its product portfolio, and prioritizing the cultivation and expansion of three strategic product lines: high-quality special-shaped steel, stainless steel, and heavy plate. Leveraging its proven quality control capabilities accumulated in the field of high-end materials such as silicon steel and automotive sheet, Baowu has established end-to-end production lines—from steelmaking to bar finishing—at its Baoshan, Maanshan, and Zhongnan bases, giving it the capacity to provide SKF with a long-term, stable supply of high-end bearing steel.

The two parties share aligned values regarding continuous innovation, deep technical expertise, sustainable development, and a commitment to quality, and their industrial capabilities are complementary. Baowu looks forward to deepening collaboration with SKF in areas such as joint R&D of bearing steel, full life-cycle management of equipment, and the development of low-carbon products, working together to create a model of collaborative innovation across the entire steel industry chain.

At the signing ceremony, the two parties held in-depth discussions on bearing steel development and product planning, as well as SKF’s value creation solutions for the full life cycle of equipment. Subsequently, Wang Hui, President of SKF China and Northeast Asia, and Wu Bin, Assistant General Manager of Baowu Group and General Manager of the Steel and New Materials Business Center, signed a Memorandum of Understanding (MOU) on behalf of both parties. Aligned in strategy, complementary in capabilities, and united in projects—this partnership marks a new phase of comprehensive and in-depth strategic cooperation between the two parties, as they work together to forge a new framework for steady, far-reaching, and future-oriented collaboration.