On June 23, Chinese company Xin Steel Shares Co. announced that it has raised funds of up to RMB 2.5 billion ($0.38 billion) for the acquisition of mining rights and related projects from its subsidiary company Xinyu, Jiangxi, China-based Xinyu Iron and Steel Group Co., Ltd (XISCO). In 2007, XISCO pledged to completely transfer its mining rights in various mines to Xin Steel Shares.
In its statement, Xin Steel Shares said, "The global economy is still in recovery, and downstream demand is gradually expanding, so iron ore prices have stabilized. However, affected by many factors, the iron ore price trend is characterized by some uncertainty. There is some risk of price fluctuation s."