Sinosteel Corp, China's second-biggest iron ore trader, has agreed to acquire Zimasco Consolidated Enterprises Ltd, owned by Zimbabwe's largest ferrochrome producer Zimasco Ltd.
An initial accord was signed with ZCE, as the company is known, on Sept. 19, Beijing-based Sinosteel said on its Website, without providing further details. Sinosteel, one of China's three biggest state-owned traders of steel, is expanding into making materials such as ferroalloys used in steel making, to meet demand in the nation that is the world's biggest producer and consumer of steel, said Bloomberg News.
Ferrochrome combines iron and chromium in the production of steel. Sinosteel agreed in November to invest in a 230 million US dollars ferrochrome mine and smelter project with South Africa's Samancor Ltd.
(Shanghai Daily September 26, 2007)
