Taiwan’s China Steel Corp is in talks with several Chinese steelmakers and a Japanese steelmaker to jointly invest in overseas iron ore and coking coal mines.

Dow Jones reported the company is in talks with China’s Shougang Group, Baosteel Group Co, Angang Iron & Steel Group Co and Wuhan Iron & Steel Group Co on potential cooperation in buying stakes in overseas mines.

An official said the ideal places for iron-ore investments are Australia and Brazil, while Canada and Indonesia would be good choices for coking-coal resources.

Teaming up with China, the world's biggest consumer of iron ore and coking coal, Taiwan is hoping to benefit from the significant bargaining power that China has in the global marketplace, both in commodity pricing and in asset acquisitions.