have a read of the article extract from bloomberg.it looks like...

have a read of the article extract from bloomberg.

it looks like analysts expect more investment in raw materials by chinese steel companies, i have a feeling AXO might be the next inline.

http://www.bloomberg.com/apps/news?pid=20601081&sid=alrRVjOYXUaU&refer=australia

Hunan Valin Iron & Steel today also said it agreed to buy 225 million new shares from Fortescue, and 275 million shares from two Harbinger Capital funds, giving the Hunan-province steelmaker a total stake of 16.5 percent.

“Iron ore will be a hot spot this year in acquisitions and IPOs because China’s steel industry is expanding into raw material supply,” said Helen Wang, a Shanghai-based analyst with DBS Vickers.

Deutsche Bank AG advised Valin. JPMorgan Chase & Co., Azure Capital Pty and Grant Samuel & Associates Pty were hired by Fortescue.