Wisco Plans Listing for Overseas Mines

Wuhan Steel (Wisco) said the company is moving quickly to build overseas mineral assets of its own in view of packaging them into a vehicle for listing in the next five years. Wisco has made investment in eight iron ore mines in foreign countries such as Canada, Brazil, Australia, Liberia and Madagascar, from where it will be able to acquire tens of billions of tons per year of iron ore in three to five years when these assets become fully operational.

In the next five years, the company will also try to diversify its business into new areas such as overseas mining, steel deep processing, new and high-tech industry, trade, secondary resources recycling and logistics.