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ArcelorMittal to raise stakes in China’s automotive steel JV
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It’s reported that ArcelorMittal, the world’s largest steelmaker said that it will raise its stakes in Valin ArcelorMittal Automotive (VAMA), a automotive steel joint venture built by ArcelorMittal and Valin Group in China,
VAMA mainly supplies high-strength steels and value-added products for Chinese automotive industry.
The steel giant planned to increase the shareholding to 49% from the current 33%.
Under the agreement, VAMA will enhance its production capacity by 25% to 1.5 million tons and the capital investment will rise by 15% to RMB5.2 billion.
Besides, ArcelorMittal can adjust its stakes in Hunan Valin Steel by selling up to 19.9% stakes in Hunan Valin Steel to Valin Group.
News Date
6/7/2012 8:33:27 AM
reported by
Bill Chen
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