Following a deal signed last week with Canadian Adriana Resources to qcquire a stake in an iron ore project in Quebec, Wuhan Iron & Steel (Group) has become the steel manufacturer with the most iron ore resources in the world, according to a company statement.

WISCO has now invested in eight iron ore projects across the world, in Canada, Brazil, Australia, Liberia and Madagascar.

It plans to increase steel production capacity to 60m tons over the next five years, having made 36.6m tons in 2010.