Posted on 09 May 2012
CENS reported that China Steel Corporation, Taiwan's largest integrated producer of steel products, has recently bought for AUD 300 million or TWD 9.3 billion, a 12.5% stake in the Australia based JTC originally owned by the South Korea based POSCO, giving CSC 2.5% stake in Roy Hill, a developer of iron ore in Australia.
Mr CT Lee EVP of CSC said that the acquisition helps CSC secure material resources and elevate self supply rate of raw materials from 2% to 7.5%, cut material procurement costs.
Roy Hill's biggest owner is the Australia based Hancock with a 70% stake, with other major stakeholders being KJTC and POSCO.
With such investment in Australia, CSC is guaranteed to secure 1.38 million tonnes of iron ore yearly.
