Sichuan Hanlong Group, an investor in highways and power projects, is in talks with Wuhan Iron & Steel Co. to help develop an iron ore project in West Africa owned by Australia’s Sundance Resources Ltd., two people with knowledge of the matter said.
Nippon Steel Corp., Japan’s largest steelmaker, and Wuhan Iron & Steel Group will invest 24 billion yen ($293 million) to set up a tinplate venture in the Chinese city of Wuhan, as demand for beverage and food cans rises.
China, seeking to cut energy intensity by 20 percent, said Aluminum Corp. of China Ltd. , Hebei Iron & Steel Group and more than 2,000 companies must shut outdated plants by September or lose financial support.
Wuhan Iron & Steel Group agreed with Canada’s Century Iron Mines Corp. to jointly develop mining projects, as China’s fourth-largest steelmaker seeks to cut its reliance on ore purchases from producers including BHP Billion Ltd., Rio Tinto Group and Vale SA.
ArcelorMittal , the world’s largest steelmaker, may jointly invest and acquire mines with China’s Wuhan Iron & Steel Group. as rising commodity prices spur mills globally to gain greater control of raw material supplies.
Hong Kong’s benchmark stock index rose to a one-week high as steelmakers gained after price increases in the industry, countering a drop in developers on concern of China’s further policy to cool property prices.