Sinosteel said it was looking forward to playing a significant role in developing Western Australia’s potentially lucrative mid-west region after the Chinese state-owned steelmaker effectively seized control of takeover target Midwest.

The Chinese group yesterday managed to boost its holding from 45.5 per cent to 49.8 per cent after Jesse Taylor, Midwest’s chairman, and three directors accepted Sinosteel’s A$6.38 cash per share offer for their collective 4.1 per cent stakes in the Australian iron ore group.