International Mineral Resources (IMR), a Kazakh mining company, will pay over US$1.52 billion to set up a steel-making joint venture in China, the South China Morning Post reported. The Kazakh firm’s partner is Gansu-based Jiuquan Iron & Steel Group. The Chinese company, which is the country’s 16th largest steelmaker by output, will contribute US$1.58 billion in assets to the joint venture and take a 51% stake. These assets include a 61.9% stake in its Shanghai-listed unit, Gansu Jiu Steel Group Hongxing Iron & Steel. IMR – part of Kazakh conglomerate Eurasian Industrial Association – is keen to match the likes of ArcelorMittal by getting a stake in the world’s largest steel market. For the Chinese company, the joint venture represents an opportunity to secure iron ore from abroad.