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ArcelorMittal inks JV pact with Hunan Valin for electrical steel

Sukant Sharma 14 August 2008

ArcelorMittal inks JV pact with Hunan Valin for electrical steel Global Steel giant ArcelorMittal has signed a joint venture agreement with China's Hunan Valin Steel Group for the production and sale of electrical steel. Hunan Valin is 33 per cent-owned by Arcelor Mittal, the world's largest steel manufacturer. The new JV, named Valin ArcelorMittal Electrical Steel Co., Ltd., will build cold rolling and processing facilities for the production of non-grain oriented (NGO) and grain oriented (GO) electrical steels. The JV has a registered capital of 2.6 billion RMB. Under the arrangement, both parties will hold 50:50 per cent stake in the JV firm. During the announcement, Valin Liangang, a subsidiary of Valin Steel Tube and Wire, has also signed a supply agreement with the JV. The Electrical steel JV is expected to start its production in 2010.