Wuhan Iron and Steel Group (Wusteel) generated a profit of RMB 350M ($55M) in 2012 from its overseas mining operation. This figure accounts for over 20% of Wusteel’s RMB 1.7bn (266.8M) total profit, according to their statement.

As part of its global strategy amid surging iron ore cost, Wusteel has been acquiring overseas mining equities since 2009 to ensure the company’s supply . Starting from thejoint-venture in BloomLake Mine in Quebec, Canada, Wusteel now has invested in mines in Madagascar, Canada, Brazil and Libya, with total iron ore recerves at 23.2bnt.

Source: China Metals e-mail chinametal@xinhua.org