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.
BEIJING – China Minmetals Corp will buy 2.04 million tonnes of iron ore from Australian miner Rio Tinto Ltd in 2019, the company said in a filing to the Shanghai Stock Exchange on Monday.
Minmetals will purchase Pilbara Blend lump ore that will delivered through 12 cargoes and priced at around 999.6 million yuan ($144.94 million), said Minmetals, adding actual prices will be adjusted in accordance to the market each month.
($1 = 6.8967 Chinese yuan renminbi)
(By Muyu Xu and Ryan Woo; Editing by Christian Schmollinger)
