Greater China

Tangsteel acquires 10% stake in Swiss steel trader

Beijing: Tangshan Iron and Steel Group Co, known as Tangsteel, has acquired a 10% stake in the world's biggest steel trader, Duferco International Trade Holding, to further expand its overseas market.

The two companies also signed a steel products structural payment agreement worth $1.2bn to help Tangsteel sell its products abroad.

"After acquiring the shares in Duferco, Tangsteel will have more purchasing channels for raw materials besides the three international iron ore giants, and our global markets will be further diversified," said Yu Yong, president of Tangsteel. [22/03/13]

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