Taiwans China Steel Corp. has secured a syndicated loan
of $264 million from 12 banks to finance raw material projects
The funds will go to
its iron ore or coking coal projects, China Steels press
liaison officer told AMM sister publication Steel
First. He would not provide further details.
move in securing the loan for upstream investment is in line
with its strategy to increase its raw material self-sufficiency
rate to 30 percent by 2015 from the current 11.6 percent in
iron ore and 2.9 percent in coal.
In late May, a consortium led by China Steel and South
Koreas Posco Ltd. purchased a 15-percent stake in
ArcelorMittal Mines Canada for $1.1 billion.
A version of this article was first published by AMM sister
publication Steel First.