July 25, 2008

Not the best time to buy iron ore – CITIC

Mr Rong Zhijian president of CITIC Pacific said that it is not the best time to buy iron ore from overseas market now due to the high price of mineral resources and iron ores at present.

Mr Li Songxing vice GM of CITIC revealed that special steel capacity of the company reached more than 7 million tonnes now and would expand to 15 million tonnes for the long run.

He expressed that the company has already established a special steel group and acquired three special steel companies, XingCheng Steel, Hubei Xinye Steel and steel plants in Shijiazhuang city.