14 November 2019

China seeks to create iron ore giant, WSJ says

China aims to set up a conglomerate of iron-ore mining giants that would in 10 years produce at least half of its domestic ore, in a push to end its steelmaking industry’s reliance on imports, the Wall Street Journal reported Thursday. The group would be headed by state-backed Ansteel Mining Co., the country’s largest ore producer, and comprise up to eight mining businesses to produce more than 200 million metric tons of ore a year, the report said. The Metallurgical Mines Association of China is working with the Ministry of Industry and Information Technology to push the project, the report said. Imports account for about 70 percent of the ore China uses to make steel.

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