Hebei Province-based Chinese steelmaker Hebei Iron and Steel Group has announced that on November 18 it signed an agreement to increase its stake in Swiss-based Duferco International Trade Holding to 51 percent.
In March 2013, Tangshan Iron and Steel Co. (Tangsteel), a subsidiary of Hebei Iron and Steel Group, had signed an agreement to acquire a 10 percent stake in Duferco International Trade Holding, the world's biggest steel trader, in a move aimed at further expanding Tangsteel's presence in overseas markets.