Sinosteel Expands Ferrochrome Business in S. Africa

China's Sinosteel Corporation has paid two billion U.S. dollars for 50-percent stake in South Africa-based Samancor Chrome, which has an annual production capacity of 280,000 tons of ferrochrome, reported Tuesday's China Securities Journal.

The deal has been approved by China's State Development and Reform Commission.

Previously Sinosteel had set up a joint venture in South Africa to produce 120,000 tons of ferrochrome each year.

Sinosteel is a large state-owned enterprise, engaged in mineral resources processing and trading. Its core business revenue hit 26.8 billion yuan (US$3.4 billion) in the first half.

(Xinhua News Agency December 20, 2006)