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Baotou Steel plans to invest 260 million yuan in a 1.2 million t/y oxidized pellet project,in cooperation with Inner Mongolia Dazhong Mining Co Ltd,for an 86.67 stake in the joint venture.The project,as an accompanying raw material item gearing to the mill's 10 million t/y steel program,is expected to have sales revenue of 840 million yuan and an aggregate profit of 68.47 million yuan in three years while running at full capacity.Baotou Steel made a loss of 747.52 million yuan in the first half of this year,with Q3 losses expected to be 0.2 to 1 billion yuan.

Tsingshan Steel to explore overseas resources