Mittal to pick up stake in China entity
Shanghai: Mittal Steel, already set to become the world's top steel maker, is all set to make its entry into China through a $314 million purchase of stakes in China's eighth largest player.

The deal awaits regulatory approval and could give Mittal access to China's south, away from regions dominated by Chinese firm Baosteel, which commands a tenth of the market.

Mittal has agreed to buy a 37.17 per cent stake, or 656.25 million institutional shares, in Hunan Valin Steel Tube & Wire Co Ltd, which holds most of the production assets of state-run parent Valin Iron & Steel group.
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