Valin inks JV with global steel giant

ArcelorMittal SA, the world's largest steel and mining company, hopes to help China's auto industry ease its reliance on imported high-end steel through a 5.2 billion yuan ($842.16 million) joint venture with Hunan Valin Steel Co Ltd.

The Luxembourg-based company and China's sixth-biggest steel maker announced the joint venture, known as VAMA, this week, adding that the first batch of steel will roll out of its production line in Loudi, Hunan province, in June 2014.

VAMA will produce steel for high-end applications in the automobile industry.