Arcelor-Mittal gains control Chinese steel firm for first timeNovember 22nd, 2007 - 12:42 pm ICT by admin
London, Nov.22 (ANI): Arcelor-Mittal, the worlds largest steel maker, has further improved its position in the industry by becoming the first foreign company to take a controlling stake in a Chinese steel concern.
The Luxembourg-based group took a 73 per cent stake in China Oriental Group for a stake believed to be worth about 1.7 billion pounds (1.1 billion), according to Hong Kong stock exchange documents.
China Orientals main asset is a mid-sized steel mill in the north of the country that produces four million tonnes a year. It is both privately owned and listed outside the mainland, a rarity in Chinese business ethics.
According to the Financial Times, the deal furthers the ambition of Lakshmi Mittal, Arcelor
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