China's largest steelmaker, Baoshan Iron & Steel (Baosteel), anticipates that the Simandou iron ore project in Guinea will begin production by the end of 2025. The project, which boasts an annual capacity of 120 million tons, is expected to become the world's largest high-grade iron ore deposit, crucial for the green transformation of the steel industry. Baosteel has recently become the main shareholder in the project following a transfer of rights in June 2024. The Simandou deposit consists of four blocks, with two being developed by a consortium that includes Winning International Group and Weiqiao Aluminum. Despite facing a significant drop in profits due to falling steel prices, Baosteel's investments in projects like Simandou aim to reduce dependence on ore imports and enhance its competitive position in the global market.