Sinosteel makes $902m bid for Midwest

Chinese commodities trader Sinosteel Corp launched a A$954m ($902m) hostile bid for Australian iron ore prospector Midwest Corp, as it seeks to lock up scarce ore supplies.

The first hostile offer by a Chinese firm in Australia’s mining sector is likely to lead to more moves by Chinese firms to acquire Australia mining houses and secure resource supplies as China’s hunger for imported raw materials intensifies.