Ore target to break foreign grip

Chinese-funded firms 'to provide at least 50%' of nation's imports

BEIJING - China, the world's largest steelmaker and iron ore consumer, has set a target of dramatically increasing ore imports from Chinese-invested resources in the steel industry's 12th Five-Year Plan (2011-2015), an industry official said.

Iron ore imports from Australia, Brazil and India accounted for 62.3 percent last year.