Biz Scene: Market

Arcelor Mittal buys stake

Arcelor Mittal, the world's largest steelmaker, will buy a 28 percent stake in China Oriental Group Co for $647 million, as part of its strategy to expand output in the biggest consumer of the alloy.

Arcelor Mittal is buying the stake from China Oriental's former board member Chen Ningning, the Luxembourg-based company said yesterday in a press release.

"The acquisition enables Arcelor Mittal to build on its presence in the important and fast-growing steel industry" in China, Arcelor Mittal said in the statement.

(China Daily 11/08/2007 page15)