Shougang Group, the sixth largest steelmaker in China, has no plan to increase its stake in Australian iron-ore miner Mount Gibson Iron Ltd, Chairman Zhu Jimin said on Wednesday on the sidelines of the ongoing sessions of the National People's Congress.
Shougang Group, the sixth largest steelmaker in China, has no plan to increase its stake in Australian iron-ore miner Mount Gibson Iron Ltd, Chairman Zhu Jimin said on Wednesday on the sidelines of the ongoing sessions of the National People's Congress.
Shougang's Hong Kong-listed subsidiary Shougang Concord last year bought a 19.73 percent stake in Mount Gibson $381 million from Gazmetall, a company owned by Russian billionaire Alisher Usmanov. And Shougang Group holds 18 percent of APAC Resources Ltd, which owns 20.22 percent of Mount Gibson.