Latest developments of Chinese steelmakers' iron ore deals
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The following are the latest developments made by Chinese steelmakers on iron ore deals.
*Jinan-based Shandong Steel Group (SSG) has reached a strategic cooperation agreement with Xinwen Mining Group Corp. and Hong Kong-based Honbridge Holding Ltd. to invest approximately 2.6 billion yuan (380 million U.S. dollars) on the Brazil Salinas Iron Ore Project, SSG General Manager Assistant Wan Luyu said Thursday.
* Both Australian authorities and China's National Development and Reform Commission have approved Chongqing Steel Group's plan to acquire 60 percent of newly issued shares of Asia Steel Holdings Ltd. for 258 million U.S. dollars, Chairman Dong Lin of the Chongqing Steel said Wednesday.
* Baosteel's new chairman He Wenbo said Thursday China was still in talks with the global iron-ore giants on the 2010 iron-ore term prices, urging iron-ore suppliers to take a long-term perspective and maintain a stable relationship with steel plants.
