ArcelorMittal, China's Angang Steel discuss possible tie-up: report

0 Comments | AFP, May, 2008

BEIJING (AFP) — ArcelorMittal, the world's biggest steel maker, is eyeing a stake in China's Angang Steel in its latest foray into the enormous Chinese market, the Financial Times said on Monday.

Lakshmi Mittal, the Indian billionaire and chief executive of ArcelorMittal, proposed buying a near 25-percent stake in Angang in a private meeting with Angang's chairman Zhang Xiaogang two months ago, the newspaper reported.

The deal could be worth at least five billion dollars according to Angang's current market valuation, although financial terms were not discussed, it said.

"I had an informal discussion with Mr Zhang about various possibilities. As part of this, I tossed around a number of ideas," the London-based newspaper quoted Mittal as saying.

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