On October 19, Taiwan's largest steelmaker China Steel Corporation (CSC) announced that it plans to invest $2.2-2.5 billion in acquisition of overseas iron ore assets in the coming four to five years.
Du Jinling, executive deputy general manager of CSC, stated that the company would be more interested in investing in Australian iron ore.
The CSC official stated that Australia is richer in iron ore and it is nearer to Taiwan compared to Africa and Central and South America. CSC has a five percent stake in the Sonoma coal mine in the Bowen Basin, Queensland, Australia.