Metal Products News
- Laiwu Steel deal still on: Arcelor Mittal
Date: 30-Nov-2006 Sources: (Shenzhen Daily)
STEEL giant Arcelor Mittal hasn't abandoned its plan to invest in Shanghai-listed Laiwu Steel Corp., an official from Arcelor Mittal said yesterday.
The official said the plan is being reviewed by Chinese authorities.
The China Securities Journal, citing an unnamed official at Arcelor Mittal, reported yesterday that Arcelor Mittal may abandon its plan to invest in Laiwu Steel.
The newspaper report has no basis, said the official.
Laiwu Steel Group, the parent of Laiwu Steel Corp., agreed earlier this year to sell a 38.41 percent stake in its listed unit to Arcelor, but the government has yet to give its final approval for the deal.
Officials at Laiwu Steel Corp. weren't immediately available for comment.
Liu Zhi, director of the industrial policy department at the National Development and Reform Commission, said Saturday that a decision on Arcelor Mittal's bid for Laiwu would be made after the government issues new rules governing foreign investment in Chinese companies.
Speaking on the sidelines of a steel conference, Liu said a case review committee would study the bid before the final decision. However, he didn't elaborate on the process and declined to say when the regulations will be issued.
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