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China Plans Iron Ore Giant to Assert Market Control

  • State-owned group will be responsible for buying ore imports
  • Government has long sought ways to win more pricing power
Updated on

China has formally created a state-backed iron ore company that’s expected to oversee everything from massive mine investments in West Africa to buying the steelmaking material from global suppliers.

A company called China Mineral Resources Group was established Tuesday with a registered capital of 20 billion yuan ($3 billion), according to data from Chinese company registration service Tianyancha. The company’s business scope covers activities including mining, ore processing and trading agent, the data showed.