The world's largest steelmaker, Mittal Steel Co. will buy 36.7 per cent stake for $316 million in China's Hunan Valin Steel Tube & Wire Co.
The Valin Group and ArcelorMittal will directly invest in the building of 2 mills of Lianyuan Steel.
The world's largest steel maker, Mittal Steel Company, has made a long-term commitment to China by setting up a research institute for metals in central Hunan province.
Mittal Steel on Friday announced that it had bought a 37.17 stake in Hunan Valin Steel Tube Wire, a subsidiary of Hunan Valin Iron & Steel of China for $314 million.
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