China Trade Information

Chinese state-owned steel producers are planning to purchase a big proportion of the world’s biggest miner BHP Billiton Ltd’s stake, despite the warning from the Australian treasury officials that Australia will lift restrictions on the investment by foreign state-owned companies.

Major steel producers and suppliers in China such as Baosteel Group Corp., Wuhan Iron & Steel Co.<600005> and Angang Steel Co.<000898><347> showed interest in the purchase of BHP’s shares through cooperation, according to sources.

China Development Bank, a state-owned policy-oriented bank, would possibly offer financing support for the planned deal, the sources said.

Tags: Angang, Baosteel, CDB, investment, steel, WISCO

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