ArcelorMittal may up China Oriental stake

Nov 26, 2007 | 03:13 PM | Hongmei Li

ArcelorMittal is in talks with China Oriental Group Co. Ltd. to increase its 28.1-percent stake in the Chinese steelmaker.

The company's announcement sparked speculation that the world's largest steelmaker could be about to acquire a controlling stake in privately owned China Oriental, which is listed in Hong Kong.

ArcelorMittal is currently the second-largest shareholder in China Oriental. It announced earlier this month that it had bought a stake in the company from Smart Triumph Corp., which is owned by one of China's richest women, Chen Ningning (AMM, Nov. 8).....

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