Aluminum Corp. of China, the largest shareholder in Rio, said BHP Billiton Ltd.‘s dropped takeover bid would benefit Chinese steelmakers.
“This is definitely good news,” Lu Youqing, vice president of the Beijing-based company, said today by phone. “We respect BHP’s decision.”
Chinalco, as the company is known, bought a 9 percent stake in Rio with Alcoa Inc. in February.
Aluminum Corp. of China, the largest shareholder in Rio, said...
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