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ArcelorMittal in talks with Angang Steel for possible tie-up
(Agencies)
Updated: 2008-05-06 11:43 European steel producer ArcelorMittal is looking to form a tie-up with China's Angang Steel Co in a bid to increase its presence on the mainland, Financial Times reported. Indian billionaire Lakshmi Mittal, who is the CEO and owner of ArcelorMittal, is reported to have proposed to buy a 25 percent stake in the Chinese government-controlled steel company. Taking into account Angang's current share price, a 25 percent holding will cost Mittal $5 billion. The proposal was made at a private meeting between Mittal and Angang chairman Zhang Xiaogang two months ago. Zhang turned down Mittal's proposal but told reporters that he would be interested in allowing the Luxembourg-listed company a smaller 1-2 percent holding in Angang. Zhang is quoted as saying that he thought Angang would benefit from the international exposure it could gain through a tie-up with ArcelorMittal. He also discussed the possibility of both companies acquiring stakes in a standalone production venture. Mittal confirmed having held talks with Zhang but told reporters no formal proposal for any kind of joint venture had been made. (For more biz stories, please visit Industries)
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