Baosteel Group, China's leading steelmaker, announced on Monday its acquisition of 15% stake in Aquila Resources, an Australian iron ore and coal company.
Baosteel, has been given a nod of approval from the Australian Foreign Investment Review Board to invest US$240 million in return for a 15 percent stake in Aquila Resources Ltd.
Baosteel Group Co has been asked by the Australian government to resubmit its application to invest US$240 million for a 15-percent stake in iron ore explorer Aquila Resources Ltd.
Baoshan Iron & Steel Co said earnings will be significantly improved in the second half of the year from the first six months as market conditions improve, according to President Ma Guoqiang.