Chinese hotelier diversifies into iron ore mining

Chinese state-owned steel firms may be looking for a stake in Australian iron ore miner Fortescue Metals Group Ltd in the latest in a growing number of overtures by Beijing to wield more control over much-needed raw materials supplies.

The Australian newspaper said on Monday that Sinosteel, Chinalco and Baosteel (600019.SS: Quote, Profile, Research, Stock Buzz) are looking at the 16 percent stake in Fortescue that U.S. boutique fund Harbinger Capital Partners was considering selling.

Chinese steel mills' insatiable appetite for iron ore to feed strong demand as the economy booms has helped iron ore prices rise for six straight years, including a 65 percent gain in 2008 alone.

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