Baosteel Group Corporation Limited just received 17 million tons of iron ore from Australia-based Fortescue Metals Group Limited (FMG), marking a new period in bilateral cooperation.

   Baosteel will receive 20 million tons of iron ore from FMG in upcoming decade, according to source with Baosteel.

   It will extend cooperation with FMG in a bid to diversify risks and attain further development, said Dai Zhihao, vice-general manager with Baosteel Group Corporation.

   Zhou Tao, analyst with Sinolink Securities, said that it's possible for Baosteel or other Chinese steel makers to take a stake in FMG in the future.

   Currently, FMG exported about 90 percent of its iron ore output to China by signing sales contracts with more than a dozen of steel makers.