China Debuts $3 Billion State Iron Ore Giant

China’s central government formally launched a state-owned iron ore giant to consolidate China’s massive mining investments and coordinate global purchases of steelmaking materials for the world’s largest steel producing nation.

With registered capital of 20 billion yuan ($3 billion), China Mineral Resources Group was established Tuesday in the Xiongan New Area, an economic zone near Beijing, business registration records showed. The company was registered with businesses spanning mining, ore processing and trading, international freight services, supply chain management and asset management services.