Analysis: What Has China’s State Iron Ore Giant Achieved in Its Inaugural Year?

It’s been just over one year since the Chinese government created China Mineral Resources Group — a single entity to house the country’s vast mining assets and act on behalf of local steelmakers and traders in negotiations with suppliers to exert stronger bargaining power in the iron ore market.

Beijing injected the new conglomerate with a registered capital of 20 billion yuan ($2.8 billion) and let it go to work. So, what has it been doing?