Hebei Steel takes 51% holding in Duferco

Deal with Swiss trader will help company expand overseas presence

Hebei Iron and Steel Group Co Ltd has taken a controlling stake in Switzerland-based Duferco International Trading Holding, a move that will help China's largest steel producer expand its presence in the global markets.

The two companies signed an agreement to the effect on Tuesday whereby HBIS will acquire a 51 percent stake in DITH, the biggest steel trader in the world. The two companies, however, did not disclose the total value of the deal.