FOUR CHINESE STEEL MAKERS ACQUIRED OVERSEAS IRON MINE EQUITY
AsiaInfo Services, March, 2004
AsiaInfo Services 03-03-2004 Four Chinese Steel Makers Acquired Overseas Iron Mine Equity CHINA, Mar 03, 2004 (SinoCast via COMTEX) -- Four Chinese iron and steel makers joined force with BHP Billiton Ltd., a global energy giant, will set up a joint venture in order to have 40% stock in an iron mine in Australia. Hubei-based Wuhan Iron and Steel Group, Anhui-located Maanshan Iron and Steel Co., Ltd., Jiangsu-based Sha-steel Group, and Hebei-based Tangshan Iron and Steel Co., Ltd.
will set up a joint venture with BHP Billiton Ltd. and hence the four companies acquire a 40% stock in the Jimblebar Iron Mine in Australia from the foreign partner. Therefore, the four Chineseiron and steel makers will have priority to buy 12 million tonsof iron ore annually from this...
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