China Steel Seeks Overseas Mines; May Work With Chinese Steel Makers
Author:Network sources Source:Network sources Date:2013-03-21

China Steel Corp., Taiwan's biggest steelmaker by revenue, is evaluating six to eight overseas investment opportunities in coal and iron ore mines, and may cooperate with Chinese steel makers to increase its buying clout.

China Steel has been searching for overseas sources of coal and iron ore to better control feedstock costs. Its last overseas deal was as part of a consortium led by South Korea's POSCO, which bought 30% of the Roy Hill iron ore project in Western Australia.

China Steel will be more aggressive in pursuing overseas opportunities, with an emphasis on coal mines, Executive Vice President Steve Lee told the Wall Street Journal Tuesday.

"Boosting our coal supply is more urgent than that of iron ore for now, because our self-sufficiency ratio in coal is below 2%, compared with around 8% in iron ore."

He declined to comment further on cooperation with Chinese steel makers, except by saying he was "positive" that cooperation would happen this year.

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