Dozens of domestic heavyweight non-governmental steel producers are planning to set up an iron ore investment group to acquire mineral assets in the overseas markets and take part in the international iron ore price negotiations.

    The group, with a combined steel capacity of more than 70 million tons per year, larger than any other steel giant in China, is said to be initially included large non-governmental steelmakers in Hebei Province such as Delong Iron and Steel, Zongheng Iron and Steel and Tangshan Guofeng.

    The Shagang-led group will have a registered capital of 0.5 to 1 billion yuan and account for a third of the country's total iron ore consumption.