Wuhan Steel News
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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.
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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.
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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 , Hebei Iron & Steel Group and more than 2,000 companies must shut outdated plants by September or lose financial support.
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Wuhan Iron & Steel Group , Angang New Co. and rival Chinese mills are expanding overseas and turning to specialty products to battle overcapacity in China, the world’s biggest producer of the metal.
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Wuhan Iron & Steel Co. agreed to buy ThyssenKrupp AG’s tailored blanks division, marking China’s entry into German steel-rolling as the Asian country seeks to meet growing demand from automakers.
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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.
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Wuhan Iron & Steel Co. , the listed unit of China’s third-biggest steelmaker, said first-half profit rose 90.4 percent as a revival in demand from auto and appliance makers lifted prices.
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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.
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Wuhan Iron & Steel Group , China’s third-biggest steelmaker, said it will buy iron ore from Corp. Venezolana de Guayana at a lower price than what Vale SA , the world’s largest supplier, is charging.
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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.
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