On December 31, Hubei Province-based major Chinese steel producer Wuhan Iron and Steel Group (WISCO) announced that its Quebec, Canada-based iron ore mining joint venture, Bloom Lake Mine, achieved an annual profit of RMB 350 million ($56 million) in 2012.
The Bloom Lake Mine is the first overseas iron ore production project in which WISCO has participated in the operation and management. WISCO has a 25 percent stake in Bloom Lake.