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Steel makers eye overseas investments

Updated: 2012-03-07 07:52
By Meng Jing ( China Daily)

Steel makers eye overseas investments

The high price of imported iron ore and China's sluggish steel market will prompt domestic companies to invest heavily in overseas mining operations, according to a senior official with the China Iron and Steel Association.

"It is estimated that Chinese-invested overseas sources will bring in 100 million to 200 million mertic tons of iron ore annually in the coming three to five years," said Zhu Jimin, the chairman of the association, on the sidelines of the annual session of the National People's Congress.

Zhu said an over-reliance on high-priced imports of the mineral is squeezing profits at Chinese steel mills, piling further pressure on an industry that's already experiencing a decline in domestic demand.

Steel makers eye overseas investments

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