China: Chinese groups plan to acquire Brazilian iron mining company Nacional Minérios

24 June 2008

New York, United States, 24 June – A consortium of Chinese companies plans to compete for the acquisition of the iron ore mining arm of Brazilian steel maker Companhia Siderúrgica Nacional (CSN), the Wall Street Journal reported Friday.

The paper added that the consortium, which includes the groups Baosteel, Shougang and Shagang as well as the China Investment Corp, a Chinese government investment fund worth US$200 billion, will compete for the initial sale of Nacional Minérios (Namisa), a CSN iron ore production unit.

The final composition of the consortium has not been decided, the paper added citing na unnamed source.

China, which is the world’s biggest producer and consumer of steel, does not have iron ore deposits in sufficient quantity and is increasingly looking abroad to guarantee its supply of iron ore and other raw materials. (macauhub)