By , 2008-03-08 12:00:00
As reported by Pakistan DAWN on 14th, the world largest steel manufacturer Mittal Steel announced that they agreed to merge China Oriental Steel Company, in order to further expand the largest steel market across the world on Thursday.
Declarations of both companies have revealed that this merger would let Mittal Steel raise its shares in this HK listed company from 28.02% to 73.13%. The entire merger will cost about USD1b.
Lakshmi Mittal, President of Mittal Steel, revealed that enhancing its positions in the rapid growing Chinese market was a key step of Mittal Steel strategy. This merger agreement will let Mittal Steel join the fast growing construction steel market in China and also help China Oriental Steel Company to develop as a leading company in the industry.
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