Hebei Iron and Steel Group Co (HBIS) has taken a 51% controlling stake in Switzerland-based Duferco International Trading Holding (DITH), a move that will help China’s largest steel producer expand its presence in the global market. Yu Yong, President of HBIS, said that the “going global” strategy is an inevitable and important step for the company’s future development. In March 2013, HBIS’s subsidiary Tangshan Iron and Steel Group Co (Tangsteel) acquired a 10% stake in Duferco. The center of gravity in the global steel industry has shifted to Asia and the partnership will provide Duferco with unparalleled access to an essential region and the industry as a whole, said Matthew De Morgan, CEO of Duferco. DITH will help Tangsteel sell 3 million metric tons of steel products this year in overseas markets, he said. According to Tangsteel officials, about 30% of the steel products produced by the company during the first six months of the year have found their way to overseas markets. China exported 65.34 million tons of steel products during the first nine months of this year, up 39% year-on-year, according to customs data.