Steel giant ArcelorMittal has hit a major hurdle in China. The company’s global expansion plans have been curbed by Chinese officials, who have refused to approve its bid to take over China Oriental, a Chinese steel company. ArcelorMittal was attempting to buy a 70% stake in the company.
ArcelorMittal’s chairman, Lakshmi Mittal, told the Financial Times that China’s antitrust regulator did not want a foreign steelmaker controlling a leading domestic steel firm.
Despite both companies announcing last year that ArcelorMittal would buy a 73.13% stake in Oriental, the Indian conglomerate may now have to settle for a 30% stake.
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