Baosteel, China Steel plan iron ore co-op

Baoshan Iron & Steel (600019.SH), or Baosteel, and Taiwan’s China Steel (2002.TPE) are planning to jointly invest in foreign iron ore mines, the Financial Times reported. This is the first time steel companies from either side of the Strait have been involved in such a tie-up, a sign of easing tensions between the two trading partners. China Steel said the two companies "have a need to search for raw ingredients so this move is a positive. Baosteel is a private sector, publicly-listed company, so working [with it is] not something that should involve politics." The Taiwan company said Baosteel was a natural partner as the two steel firms had worked together in the past.