WISCO kicked off its first overseas steel mill project on 24 February, just adjacent to the mine while its equity acquisition of the Brazil-based ore mine comes close to conclusion. Wuhan Iron and Steel Group signed an understanding memorandum last May with Brazil-based logistics company LLX and iron ore maker MMX on possible trade and strategic cooperation, which mentioned that it would build a 5 million tonnes steel mill in Brazil besides intending to be MMX stakeholder. WISCO then made clear that it would input USD 120 million for 9.09% of MMX by purchasing the latter newly issued stakes and would acquire 23% of MMX subsidiary Sudeste Mineracao at a cost of USD 280 million in the same way. According to the report, related censorship for the acquisition has now been completed in China and equity delivery was carried out on 26 February. At the same time, a company named WISCO Brazilian Metallurgical Investment Co. Ltd has finished registration in Brazil and started to run, which is not only in charge of the local mining project but also responsible for the construction of the new steel plant.