Chinese steel companies invest overseas

Tuesday, 30 November 2004 11:39:29 (GMT+3)   |  
       

Chinese steel companies invest overseas

According to recent news in the market, Chinese steel companies are setting up steel plants in overseas countries or purchasing stake in foreign mining companies in order to overcome the problem of raw material shortage. Director of the Steel Industry Association Wu Xichun also advised Chinese steel mills to invest in foreign mining companies to supply iron ore as they suffer from the lack of subject raw material. Beginning from last year, many Chinese steel companies jointly purchased mines abroad through the Steel Industry Association. For example, Shanghai Baosteel invested in Brazil and Australia to ensure stable supply of iron ore and Wuhan Steel acquired 40% stake in an Australian iron ore mine.

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