TISCO looks to acquire overseas iron ore and nickel resources

On March 12, Li Xiaobo, board chairman of Shanxi Province-based Chinese steelmaker Taiyuan Iron and Steel Co. (TISCO), stated in an interview with Chinese newspaper First Financial Daily that in China's 12th five-year plan period (2011-15) the company intends to develop its upstream and downstream steel-related businesses and to acquire overseas iron ore and nickel resources.
 
Taiyuan Iron and Steel Co. is the world's largest stainless steel company, with an annual finished stainless product output capacity of 10 million mt.
 
Mr. Li stated half of the nickel which TISCO purchases for its stainless steel production was purchased from Gansu Province-based Jinchuan Group Ltd, while 60 percent of its iron ore needs are currently imported. Accordingly, TISCO is looking for opportunities to acquire overseas iron ore and nickel resources, Mr. Li said.
 
The TISCO chairman also stated that the company was targeting annual sales revenues of over RMB 200 billion ($30.44 billion) by 2015.