ArcelorMittal (MT), the world’s largest steelmaker, welcomed the potential removal of a near 10-year block on overseas takeovers in China’s steel industry.
ArcelorMittal is one of the few foreign steel mills with investments in China since the ban on overseas control was imposed in 2005. The world’s top producer and consumer is considering scrapping the ban which may be a catalyst for global mills to revive a push into China’s $423 billion steel sector where demand is seven times greater than in the U.S., the next biggest market.
“It’s good news that the government is moving forward on reforms and liberalization on foreign investment,” Lakshmi Mittal, the billionaire chief executive officer of ArcelorMittal, said in an interview in Loudi, in China’s Hunan province. “Whether we will like to invest more in this country or we will not, will depend on the future development of our various projects.”
Read Full Article HERE
bljworldwide via CHINA US Focus http://ift.tt/1lsowXk
No comments:
Post a Comment