Taiwan’s China Steel and China’s Baosteel are planning to invest jointly in overseas iron ore mines.
The move is a rare example of companies from Taiwan and mainland China co-operating overseas, which in the past has been largely restricted to offshore oil drilling.
The alliance, which the Taiwanese company confirmed on Wednesday, will be a first for cross-Strait steel industry co-operation. This in part reflects new business opportunities deriving from the political detente and economic liberalisation between mainland China and Taiwan over the past two years. The move also comes as pressure increases for steel companies to secure their own supply of raw materials.
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