Hunan Valin buys 17% of Fortescue

The China Iron and Steel Association said on Monday that Hunan Valin Iron and Steel has purchased a 17 percent stake in Australia's third-largest iron ore producer Fortescue Metals.

The move makes the Hunan-based company the second largest shareholder of Fortescue. It also marks the latest in a series of investments by state-owned Chinese firms in debt-laden Australian resources companies.