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)
