ArcelorMittal makes another china foray

Jan 01, 2008 | 10:21 AM |

ArcelorMittal, keen on making its presence felt in China, is paying $647 million for a 28.1-percent stake in China Oriental Group Co. Ltd., making it the only Western steelmaker to own significant stakes in two of the country's steel mills.

The purchase of the stake in China Oriental comes about two years after the world's largest steelmaker bought a stake in Hunan Valin Steel Tube & Wire Ltd., the listed arm of Hunan Valin Group. It marks the biggest investment in a major Chinese mill since the government effectively banned foreign investors from taking majority control....

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