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May 23, 2017

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Taiwan steel firm China Steel mulls joint venture with China

TAIPEI -- China Steel, Taiwan's largest steel producer, said Thursday it plans to team up with China's Baosteel to invest in iron ore mines abroad. China Steel has reached a consensus with Baosteel on a planned joint venture, the first between the two, a company official said.

It will mark a rare instance of companies from the two sides of the Taiwan Strait cooperating on ventures elsewhere in the world.

The Taiwanese steelmaker, which has investments in Australia and South Korea, has been exploring overseas opportunities in a bid to boost supply amid expectations that a global recovery will ratchet up demand.

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