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Shougang 'has no plan' to increase stake in Mount Gibson

By Wang Xu and Li Weitao (chinadaily.com.cn)
Updated: 2009-03-11 20:30

Shougang Group, the sixth largest steelmaker in China, has no plan to increase its stake in Australian iron-ore miner Mount Gibson Iron Ltd, Chairman Zhu Jimin said on Wednesday on the sidelines of the ongoing sessions of the National People's Congress.

Shougang's Hong Kong-listed subsidiary Shougang Concord last year bought a 19.73 percent stake in Mount Gibson $381 million from Gazmetall, a company owned by Russian billionaire Alisher Usmanov. And Shougang Group holds 18 percent of APAC Resources Ltd, which owns 20.22 percent of Mount Gibson.