Arcelor Mittal to set up new China joint venture

The world's biggest steelmaker, Arcelor Mittal, has agreed to set up an electrical steel joint venture with Hunan Valin Iron and Steel Group.

The world's biggest steelmaker, Arcelor Mittal, has agreed to set up an electrical steel joint venture with Hunan Valin Iron and Steel Group, a listed unit of the Chinese company said on Thursday.

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Under the deal signed on August 11, the joint venture will have a total investment of 6.5 billion yuan (950 million dollars), Valin Steel Tube and Wire Co said in a statement with the Shenzhen Stock Exchange.

Arcelor Mittal and Hunan Valin Group will each hold a 50-percent stake in the joint venture with registered capital of 2.6 billion yuan, the statement said.