Stocks News
- Arcelor Mittal buys steel wire stake
Date: 22-Jun-2007 Sources: (Shenzhen Daily)
ARCELOR Mittal, the world's largest steelmaker, has agreed to buy a majority stake in a domestic steel wire firm for US$27 million, pending government approval, Arcelor Mittal's China representative said Thursday.
The firm, Rongcheng Chengshan Steel Cord Co. in Shandong Province, produces about 60,000 tons a year of steel tire cord and bead wire, used to reinforce tires. Arcelor Mittal representative Dirk Matthys declined to comment on the size of the stake.
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