Mittal buys stake in China's steel

Mittal Steel Co has purchased 37% share of a state-owned steel mill.

Global steel giant Mittal Steel Co has bought its first stake in China's steel industry, purchasing a 37 per cent share of a state-owned steel mill, a news report said on Friday.

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The Chinese government on Thursday approved the $337 million purchase of shares in Valin Iron and Steel Co Ltd in the central province of Hunan, the official Xinhua News Agency said.

China is one of the world's biggest steel consumers but foreign investment in its domestic industry is still small.

Mittal Steel, based in the Netherlands, is the world's largest steel producer.