It is reported that China Sinosteel chief executive states that the company foreign investment of 2009 breaches CNY 1 billion in countries including Australia and Peru.

He also indicates that Sinosteel annual output of iron ore concentrate reaches 5 million tonnes all the mines belonging to Sinosteel are sufficient for the company’s own use of iron ore.

Due to the construction work of new factories, it overstocks 400 million tonnes of steel, but he is looking forward to the bigger production capacity which is likely to reach 30 million tonnes in 2012.

(Sourced from YIEH.CORP)