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ArcelorMittal Restores 25% Free Float in China Oriental

05/05/2008 - ArcelorMittal announces a series of measures that will restore a 25% free float in China Oriental Group in compliance with the listing rules of the Hong Kong Stock Exchange.

ArcelorMittal announced a series of measures that will restore a 25% free float in China Oriental Group Co. in compliance with the listing rules of the Hong Kong Stock Exchange.
 
At the time of the close of its tender offer on February 4, 2008, ArcelorMittal had reached a 47% shareholding in China Oriental. Given the 45.4% shareholding by the founding shareholders, this left a free float of 7.6% against a minimum 25% required for listing by the Hong Kong Stock Exchange.
 
ArcelorMittal restored the minimum free float by means of sale of 17.4% stake to ING Bank and Deutsche Bank together with a put option agreements entered into with both banks. As a result of these measures, ArcelorMittal's shareholding has been reduced back to 29.6%.
 
ArcelorMittal is the world's largest and most global steel company, with 310,000 employees in more than 60 countries. The company leads a number of major global markets, with leading R&D and technology, as well as sizeable captive supplies of raw materials and strong distribution networks. An industrial presence in 28 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 financials for 2007 show revenues of USD 105.2 billion, with a crude steel production of 116 million tonnes, representing around 10% of world steel output.