WISCO buys into Brazilian miner

Shanghai: Capesize owners will be delighted by the tonne/mile scenario created by a leading Chinese steel mill’s latest investment decision.

Wuhan Iron and Steel (Group) Corporation (WISCO) has now become the second largest shareholder of Brazilian iron ore miner MMX Mineracao e Metalicos SA (MMX. MMX has around 600m tons of reserves. WISCO, the number two mill in China, forked out US$400m for the 21.52% stake in the miner.

Source: Sea Trade Asia