Four China steel giants to invest in mines abroad

Beijing, May 24: Four of China's largest steel mills have formed a joint venture to invest in overseas iron ore mines, the China Securities Journal said on Thursday.

Wuhan Iron and Steel Group will hold 50 percent of the venture.

Baosteel Group , the country's largest steel mill, its close rival Anshan Iron and Steel Group and Beijing-based Shougang Iron and Steel Group will hold the remainder.

Reuters>