Tangsteel looks to shipping

Tangsteel Group, the largest steel company in Hebei Province, said it would team up with a top global shipping company to build and operate its own shipping fleet to cut transportation costs.

The steel group initially plans to build two to three ships of about 300,000 tons each to transport the iron ore produced by Brazilian mining companies, which are its major suppliers, said a senior executive at Tangsteel Group, one of the top 10 Chinese steelmakers based in Tangshan of North China's Hebei Province. The group is negotiating with several potential joint venture partners, including some of the largest global shipping companies.

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