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WISCO eyeing overseas iron ore assets

By Tan Yingzi and Jiang Wei (chinadaily.com.cn)
Updated: 2009-03-06 19:23

Wuhan Iron & Steel Group (WISCO) is planning to acquire iron ore assets in Australia and Cambodia, according to its president Deng Qilin.

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He made his remarks at the sidelines of the ongoing session of the National People's Congress but declined to elaborate further.

Deng, who is also chairman of the China Iron & Steel Association, said iron ore prices in the long-term agreement must be cut this year from a year ago as demand from steel makers in Europe, United States and Japan have fallen.

The company also urged the central government to increase tax rebates on exports of high-end steel products.

Deng expected the country to speed up restructuring in the steel industry through mergers and shutting down backward capacities.