Tangsteel acquires 10% Swiss stake

Agreement expected to expand purchasing, distribution channels

Tangshan Iron and Steel Group Co, or Tangsteel, has acquired a 10 percent stake in Switzerland's Duferco International Trade Holding, the world's biggest steel trader, in a move to further expand its overseas market.

The two companies also signed a steel products structural payment agreement worth $1.2 billion, which will help the Chinese steel producer to sell its products abroad.