Ｓｉｎｏｓｔｅｅｌ Ｓｔｒｉｄｅｓ Ｔｏｗａｒｄ Ｔａｋｅｏｖｅｒ

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Pressured by bulging iron ore prices in the international market, Chinese steel makers are increasingly looking to alternative mining companies in Australia to wean themselves off supplies from the mining giants Rio Tinto and BHP Billiton. The latest example is the takeover bid by Sinosteel Corp., one of China's largest steel makers, for Midwest Corp., a Perth-based iron ore miner.