SYDNEY (AP) - A Chinese state-owned steel trading company has secured a controlling stake in iron ore miner Midwest Corp., Midwest announced Friday, but Sinosteel's bid for full ownership still faces opposition from an Australian rival.
Sinosteel Corp. wants to secure access to Midwest's Australian iron ore assets to serve China's booming steel industry, which is currently dependent on global mining giants Rio Tinto Ltd. and BHP Billiton Ltd. China's mills have recently had to agree to price increases of up to 96 percent for iron ore from the two.
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