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ArcelorMittal in talks with Angang Steel for possible tie-up

(Agencies)
Updated: 2008-05-06 11:43

European steel producer ArcelorMittal is looking to form a tie-up with China's Angang Steel Co in a bid to increase its presence on the mainland, Financial Times reported.

Indian billionaire Lakshmi Mittal, who is the CEO and owner of ArcelorMittal, is reported to have proposed to buy a 25 percent stake in the Chinese government-controlled steel company.

Taking into account Angang's current share price, a 25 percent holding will cost Mittal $5 billion.

The proposal was made at a private meeting between Mittal and Angang chairman Zhang Xiaogang two months ago. Zhang turned down Mittal's proposal but told reporters that he would be interested in allowing the Luxembourg-listed company a smaller 1-2 percent holding in Angang.

Zhang is quoted as saying that he thought Angang would benefit from the international exposure it could gain through a tie-up with ArcelorMittal. He also discussed the possibility of both companies acquiring stakes in a standalone production venture.

Mittal confirmed having held talks with Zhang but told reporters no formal proposal for any kind of joint venture had been made.