SHANGHAI Taiwans China Steel Corp. has secured a syndicated loan of $264 million from 12 banks to finance raw material projects overseas.
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.
China Steels 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.