Baowu Steel

The market expects that this will soon affect other steel mills

Last year, the company increased steel production by 1% y/y

Major iron ore producers are interested in the proposal of the Chinese company

The total capacity of the new blast furnaces will be approximately 4.4 million tons per year

In 2022, the companies created a joint venture to develop the Western Range project

Baowu Steel and CSC expect steel demand to remain weak in Q4 2022

The Chinese company is already involved in the development of the southern part of the deposit

The deal amounted to 4.26 billion yuan ($630 million)