Chinese steel giant mulls Canadian metal buyout

Wuhan Iron & Steel Group is getting an advantage in a bid for Rio Tinto’s Canadian iron-ore assets as some rivals drop out of the runnings, The Wall Street Journal reported. If successful, the transaction would be the first Chinese state-owned firm to make a large Canadian acquisition since a controversial oil-sands deal last year. The Chinese steel giant is looking to buy, potentially with partners, the 59% stake in Iron Ore of Canada that Rio Tinto put up for sale in March, according to people familiar with the matter. Wuhan’s interest underscores China’s continued appetite for metal assets, including iron ore, around the world.