(cnhubei.com) Wuhan Iron & Steel Corporation (WISCO) will establish companies overseas to exploit mineral resources there.

WISCO plans to set up a joint-venture company firms to exploit iron ore in Australian. Upon it completion, WISCO can gain 3.5 million tons of iron ore grit with relatively low prices.

WISCO also plans to exploit iron ore resources in Philippines.

WISCO’s plan can explore new supply base overseas, laying foundations for its sustainable development, according to officials.