Sinosteel hoping to invest in India

SteelOrbis Shanghai Mr. Huang Tianwen, President of the Beijing-based Sinosteel Corporation, one of the largest steel trading firms owned by the Chinese central government, indicated on October 10 that Sinosteel is hoping to invest in the Indian mining industry and infrastructure. He also indicated that Sinosteel is considering the establishment of a steel mill in India, either in a jointly or solely-invested project. In Mr. Huang Tianwen's opinion, India is experiencing a stage of rapid economic development and urbanization, with large infrastructure investment boosting up Indian demand for steel products. On the other hand, Chinese steel mills cannot maintain the growth rate under macro-control measures which pushed these mills to enter the international market. Huang Tianwen also disclosed Sinosteel's investment plan in India. This plan will involve four fields. First is the mining industry. Sinosteel hopes to invest in Indian mines, either in jointly-invested or solely-invested projects. Second is infrastructure, such as railways or ports, which serve to facilitate imports. Third is construction and engineering. Fourth is setting up jointly-invested or solely-invested mills. In fact, many Chinese mills have expressed their willingness to cooperate with Sinosteel in setting up steel mills in India.