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Despite its privileged access to a large slice of China's iron ore reserves, Angang New Steel Co Ltd is looking for joint ventures or stake purchases in foreign mines to ensure long term supply of higher quality iron ore grades, said a company official.

"Angang is developing overseas resources and establishing overseas supply bases," said Wang Heng, president of Angang Group International Trade Corp, the procurement unit of China¡¯s second-largest steelmaker by output.

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