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ArcelorMittal in Talks to Increase Stake in China Oriental Group

11/26/2007 - ArcelorMittal is in talks with the controlling shareholders in China Oriental Group Limited regarding future cooperation, and a possible share increase.

In response to media reports, ArcelorMittal has confirmed that it is in talks with the controlling shareholders in China Oriental Group Limited.
 
ArcelorMittal said the talks are centered on future cooperation between the companies, including an increase in ArcelorMittal’s stake in the company. ArcelorMittal currently holds a 28% equity stake.
 
The company said there would be no further announcements at this time.
 
ArcelorMittal is the world's largest steel company, with 320,000 employees in more than 60 countries. The company leads a number of major global markets, including automotive, construction, household appliances and packaging, with leading R&D and technology, as well as sizeable captive supplies of raw materials and strong distribution networks. An industrial presence in 27 European, Asian, African and American countries exposes the company to key steel markets, from emerging to mature, positions it will be looking to develop in the high-growth Chinese and Indian markets.
 
ArcelorMittal’s key pro forma financials for 2006 show combined revenues of USD 88.6 billion, with a crude steel production of 118 million tonnes, representing around 10% of world steel output.