15 Oktober 2010
Arcelor Mittal to Set Up JV with Oriental Group

Michel Wurth, a board member of Arcelor Mittal Steel Group, disclosed that the group is seeking to set up a joint venture with China's Orient Group Incorporation to produce steel sheet piles in China.

Arcelor Mittal, the world's largest steel company, entered into a shareholders' agreement in December 2009 with the controlling shareholders of China Oriental Group Company Limited, which enabled Arcelor Mittal to eventually raise its equity stake in the Company to 73.13 percent.

The Shareholders' Agreement is a significant step forward for Arcelor Mittal's strategy of strengthening its presence in the Chinese market. It follows the announcement on 6 December 2007 that Arcelor Mittal and China Oriental had entered into a Business Cooperation Agreement. The key terms of the Business Cooperation Agreement will take effect upon the Shareholders' Agreement becoming unconditional.

Under that agreement, Arcelor Mittal will share technologies, technical expertise and know-how with the aim of transforming the Company and its subsidiaries into a leading producer of heavy sections in China. ArcelorMittal will also assist the Group in sourcing iron ore and coal.

(Source: SEAISI Website)

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