FLYING HIGH Airbus SAS delivers its first China-assembled A320 jet on June 23 in Tianjin. Sichuan Airlines Co. Ltd. operated the aircraft on its maiden flight from Chengdu to Beijing on June 24 (WANG JIANHUA)

Steel Acquisition

Anshan Iron and Steel Group Corp. (Ansteel), a major Chinese steelmaker based in northeast Liaoning Province, got the green light from Chinese regulators to increase its stake in the Australian iron ore miner Gindalbie Metals Ltd. of Perth.

Under the deal, which has been approved by the Australian Government, Ansteel will pay $AU162 million ($126.4 million) for 190 million shares of Gindalbie, raising its stake in the miner to 36 percent from its original 12 percent.

The Chinese Government has been encouraging domestic resource companies to make foreign acquisitions to secure sustainable resource supplies for the country.

Sedan Recall

The General Administration of Quality Supervision, Inspection and Quarantine recently announced that automobile giant BMW Group China will recall 1,694 of its 7-series sedans because of defects in some cars.

The recall of sedans produced between July 1, 2008 and May 6, 2009 will start on June 25, the administration said.

Gas pipes in some fuel tanks could become disconnected because of substandard quality, causing engine failure when starting the car, the administration said in the announcement. BMW has pledged to remodel the faulty gas pipes and replace the defective tanks for free, it added.

Going Electric

Central Hubei Province-based Dongfeng Motors Group Corp. will join hands with Detroit Electric Holdings Ltd. of the United States to develop and sell electric vehicles in China, according to a report in Shanghai Daily.

But the financial details of their cooperation remain unclear. The move is in line with a national push into fuel-efficient vehicles to improve the environment.