After Overseas Rush, Chinese Firms' Iron Ore Projects Run into Trouble

(Beijing) – Many Chinese companies have gone abroad to invest in iron ore projects over the past decade, hoping to get more negotiating leverage in prices by taking stakes in projects.

But now the price of iron ore has fallen about 35 percent from a peak of US$ 134.5 per ton at the beginning of the year.

Meanwhile, the world's four largest iron ore producers, Vale SA, Rio Tinto Group, BHP Billiton Ltd. and Fortescue Metals Group, are ramping up production of cheap iron ore.