AIRMEDIA Group Inc., which operates the largest digital media network dedicated to air travel advertising in China, said Thursday that it has signed exclusive advertising contract with the Shenzhen International Airport.

AirMedia will pay 88 million yuan (US$12.90 million) to operate all 90 light boxes in the Shenzhen airport from next month to March 31, 2012.

Chery postpones car venture with Fiat

CHERY Automobile Co. has delayed a car joint venture project with Italy's Fiat SpA because of changing market conditions, its chairman said Thursday.

"Foreign automakers are affected by the financial crisis and any additional investment will be difficult for them at a time like this," chairman Yin Tongyao said. "We have slowed down the joint venture project with Fiat and production will not start this year as previously planned, but we have not shelved the project," he said. Fiat had an initial agreement with Chery, China's largest homegrown car maker, to set up a joint venture in the country which was scheduled to start production in 2009.

Steelmakers seek reduction in iron ore prices

THE country's steel industry is seeking a reduction in iron ore prices to levels seen two years ago, a top executive of the country's steel industry association said Thursday, as demand eases in the global recession.

Iron ore miners such as Brazil's Vale, BHP Billiton Ltd. and Rio Tinto Ltd. are currently negotiating with Chinese steel producers over annual iron ore contract terms. Shan Shanghua, secretary general of the China Iron and Steel Association, also said that Baosteel Group, China's largest steelmaker, was negotiating iron ore supplies for the entire China steel industry, which should bolster its bargaining power.

Shanxi to freeze coal output expansion

THE country's major coal production base of northern Shanxi Province plans to freeze its coal output capacity by the end of this decade after several years of expansion, the province's coal industry administration said Thursday.

The province will also by 2010 have more than 75 percent of its coal produced at large mines by lifting the average output capacity of the region's coal firms to at least 3 million tons a year, the administration said. It plans to establish 2-3 mega-sized coal groups with annual production capacities in excess of 100 million tons, and 3-5 large-sized coal firms with capacities of more than 50 million tons, the industry body said.