According to the news released by China Minmetals and Xingxing Cathay International Group on August 25, they have commissioned a new iron ore program in their New India Steel with the annual pellet output of 0.8 million t. It is reported that the above Groups owns around 55% shares in New India Steel, which has invested approximately $54.70 million on this iron ore program.
Besides, the New India Steel also announced that it will invest about $1.86 billion to build a new integrated steel mill with the yearly steel production of 2.5 million t. Meanwhile, the company also revealed that apart from the current shareholders from China and India, there are another two Chinese corporations and one American company who are planning to purchase part of its shares, thus China's shares in New India Steel will ascend to 60% after completion, which is definitely beneficial to China's steelmakers.