Steel Maker MMK Targets Iron Ore in Australia Buy

Reuters reported Russia’s MMK is to buy Australian group Flinders Mines (ASX:FMS) for an agreed A$554 million.

As quoted in the market news:

Steelmakers have been buying upstream assets to lock in supply and keep costs down, allowing them to remain profitable during downturns. ArcelorMittal, the world’s largest steelmaker, is also one of the top five producers of iron ore and coking coal.

Click here to read the full Reuters report.