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Sinosteel doesn't rule out buying Fortescue stake

Wed May 21, 2008 11:52pm EDT

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BEIJING, May 22 (Reuters) - Sinosteel Group, China's largest state-owned ferrous metals trader, does not rule out taking a stake in Australian iron ore miner Fortescue Metals (FMG.AX), its president Huang Tianwen said on Thursday.

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Sinosteel is also optimistic about reaching an official agreement about purchasing a stake in Australia's Midwest Corp MIS.AX, Huang told reporters on the sidelines of an industry conference.

Huang added that Sinosteel was not involved in any effort to take a stake in BHP Billiton (BHP.AX)(BLT.L). (Reporting by Coco Li; Writing by Alfred Cang; Editing by Edmund Klamann)

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