Steelmaker Powerless as Iron Mines Sink Abroad

(Beijing) – A Chinese steelmaker digging for its own iron to save money may have hit a rock by investing heavily in overseas mines.

Wuhan Iron & Steel (Group) Corp. (WISCO), a state-owned and Shanghai-listed conglomerate that's also one of China's largest steel producers, is grappling with the consequences of financial trouble at Brazilian and Canadian mines in which it invested.