In its first significant overseas investment, Hebei Iron Steel, China’s biggest steelmaker, is set to spend $194 million on a deal with Alderon Iron Ore that will help to secure supplies of its main raw material.
Hebei said on Friday that it had agreed to pay $88.3 million for a 19.9% equity stake in Alderon and that it would invest $105.7 million in Alderon’s iron ore project, which will earn the Chinese company the right to buy a 25% stake in the project.
Alderon is a junior developer listed in Canada. The Kami project, which is located in Canada’s leading iron ore region, on the border of...
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