China Investment Co., Ltd and China Iron and Steel Association Denied they had Bid for Rio TInto

China Investment Co., Ltd and China Iron and Steel Association Denied they had Bid for Rio TInto. Yet industry officers and analysts think that China will do their best to prevent the combination of this two mining giants, in case that they will hurt their own benefit. Bai Xiaoqing, who takes charge of the financial and Media department said that the report on “China Management Paper” was completely without foundation. That report said China Investment Co., Ltd and China Steel and Iron Corporation were intended to unit to bid for Rio Tinto by 200 billion$, because their combination will affect their iron ore price. “There is absolutely no such thing”, Mr. bai said. General secretary Luo Bingsheng of China Steel and Iron Association also said that he never heard of this.