The board of directors of China's Inner Mongolia-based Baotou Steel Group has at a recent meeting reached a consensus on the necessity of developing iron ore mines in Australia.
In March 2008, Baotou Steel Group set up a wholly-owned subsidiary named Baotou Steel Australia Investment Inc. in Australia. In May 2010, Baotou Steel assigned the president of the group Zhou Bingli to also hold the position of president of Baotou Steel Australia Investment Inc.
As decided by the board of directors, Baotou Steel Australia Investment Inc. will seek iron ore mining opportunities in Australia on behalf of Baotou Steel Group.