Mining giant BHP Billiton Ltd. will increase its iron ore shipments to China’s Baosteel Group Corp. by 94 million metric tons in the next decade, according to Bloomberg. China’s iron imports–necessary for steel production–are expected to double in the next six years according to rival mining corporation Rio Tinto.
China has accounted for 65 percent of global growth in steel production in the past 10 years, and is now four times the size of the U.S. steel industry, BHP Billiton said Nov. 12.
