Arcelor Mittal, the world's largest steelmaker, yesterday announced that it had signed a contract with the controlling shareholders of the China Oriental Group Co. Ltd. With that deal, its share in the company would finally rise to 73.13 percent, with a total investment of at least HK$19.1 billion (US$2.45 billion). This contract would make Arcelor Mittal the first foreign company in control of a Chinese steelmaker. But this agreement is still subject to the approval of the Ministry of Commerce.
Arcelor Mittal also signed a business cooperation contract with China Oriental. Arcelor Mittal agreed that as long as it holds 25 percent or more of China Oriental shares, it will provide China Oriental with technology, technical expertise, and financial and fund management experience and help it to expand its overseas markets. Moreover, Arcelor Mittal will purchase a fixed minimal amount of iron ore for China Oriental each year.
For more details, please read the full story in Chinese. (http://www.china-cbn.com/s/n/000004/20071214/020000062887.shtml)
(China.org.cn December 14, 2007)
