Save
PrintBaosteel Group Corp., China’s second- biggest steelmaker, agreed to develop coking coal mines with a domestic partner---Jizhong Energy, a coal and chemical producer owned by the northern province of Hebei, to secure raw material supplies as prices surge.
Baosteel signed an initial agreement with Jizhong Energy Fengfeng Group on May 18 to develop two mines, which will have a combined capacity of 3.9 million metric tons a year, the State- owned Assets Supervision and Administration Commission said today on its website, without giving details.
Baosteel, Japan’s Nippon Steel Corp. and South Korea’s Posco are all seeking resource investments as mining companies take advantage of the economic recovery to raise prices. BHP Billiton Ltd., the biggest coking coal exporter, won a second price increase this year from Japanese mills this week.
Baosteel last year agreed to buy a 15 percent stake in Aquila Resources Ltd., which is planning to develop iron ore and coal projects in Australia, for A$285 million ($240 million). Coking coal is turned into coke and used in blast furnaces.
Sourced from Internet.
Copyright © 2013 Ferro-Alloys.Com. All Rights Reserved. Without permission, any unit and individual shall not copy or reprint!
- [Editor:editor]
Daily News
Research
Magazine
Company Database
Customized Database
Conferences
Advertisement
Trade
Tell Us What You Think