Chinese multinational automobile manufacturer NIO Inc. (NYSE: NIO) has entered into a strategic partnership with steel producer Baoshan Iron & Steel (Baosteel) to collaborate in areas including products and supply chain, as per a report by CnEVPost. Shares of NIO rose 2.4% in the pre-market trading session on Wednesday. Baosteel is a Shanghai-based company that manufactures and sells steel products. Its products include cold-rolled carbon steel coils, hot-rolled carbon steel coils, and steel pipe products. The deal was announced in a signing ceremony held at Nio's global headquarters in Shanghai's Jiading district.
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