China stainless steel mogul fights to avoid a second collapse
A debt crisis is threatening the future of one of the world’s top stainless steel producers, Jiangsu Delong Nickel Industry.
SHANGHAI – State-owned metals and mineral trading firm China Minmetals signed a 20 million tonne iron ore purchase agreement with Brazilian mining giant Vale on Tuesday.
The agreement was signed during a ceremony at the China International Import Expo in Shanghai.
China is the world’s biggest consumer of the steelmaking ingredient.
Minmetals also signed a 2,400 tonne nickel briquette purchase agreement with Japan’s Sumitomo Corp. That was for purchases over a five-year period.
(By David Stanway and Dominique Patton; Editing by Joseph Radford)
