China’s Baowu Seeks Deeper Ties with Rio Tinto on Iron Ore Trade
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China Baowu Steel Group Corp., the world’s biggest steelmaker, will seek closer ties with iron ore miner Rio Tinto as China’s demand for the raw material rebounds.
Baowu is looking to benefit from efforts to repair trade relations between China and Australia, Chairman Chen Derong said in a Friday meeting with Rio officials, according to a press release. Beijing resumed some shipments from Australia earlier this month, in efforts to end more than two years of diplomatic spats.