August 10th 2010 Hebei Steel Group and George Jones talking about cooperation on iron ore project in West Africa.
August 12th 2010 ArcelorMittal may jointly invest and acquire mines with China's Wuhan Iron & Steel Group. Peter Kukielski,head of mining with ArcelorMittal visited Wuhan Steel on August 12th.
ArcelorMittal plans to expand iron ore production capacity 67 percent by 2015,raising it to 100 million metric tons from 60 million tons.
Wuhan Steel wants to be self-sufficient in iron ore supplies in three to five years.
Hebei Steel Group imports 50% of its iron ore consumption from the likes of Brazil's Vale. In order to weaken the mining giants monopoly,the group has to learn from Wuhan Steel (WISCO) to buy the stake of foreign mines. Marketers predict that Hebei Steel may also obtain the interest in the Sundance and secure iron ore supplies from the mine.
Regards Westcott.
SDL Price at posting:
35.5¢ Sentiment: None Disclosure: Held
