China’s State Iron Ore Giant Sets Up First Subsidiary in Zhejiang

China’s newly established state mineral conglomerate set up its first subsidiary in eastern China’s Zhejiang province for iron ore reserves and trading as the country gears up efforts to secure supplies for steelmaking.

China Mineral Resources Group Zhoushan Development Co. Ltd., a wholly owned unit of China Mineral Resources Group, was registered last week with capital of 5 billion yuan ($712 million) in a free trade zone in Zhoushan in the coastal province of Zhejiang, business registration records showed. Zhoushan is one of the world’s busiest cargo ports.