Energy: Steel deal proves more costly

(Shanghai Daily)
Updated: 2007-03-30 14:55

Arcelor Mittal, the world's largest steel maker, may have to pay more than it planned for its acquisition of China's Laiwu Steel Corp, Les Echos reported, citing Arcelor Chief Financial Officer Aditya Mittal.

The newspaper cited Mittal as saying in Brussels earlier this week that his company will need to "renegotiate the price of the stake in Laiwu," and that the group doesn't yet know what the size of its holding in the Chinese company will be, according to Bloomberg News.

Luxumbourg-based Mittal already owns 30 percent of Hunan Valin Steel Tube and Wire Co.

(For more biz stories, please visit Industry Updates)

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