The world’s biggest steel-manufacturing company ArcelorMittal owned by UK-based Indian billionaire Lakshmi Niwas Mittal, it is being reported, is on a takeover spree. This time around, it is acquiring a stake in China's Angang Steel Company that the ArcelorMittal is interested in. Media reports on Monday 5 May stated that Mr Mittal, who is the chief executive of ArcelorMittal, had negotiated with Angang's chairman Zhang Xiaogang almost two months ago about purchasing around 25 per cent stake in the company.

 

Even though financial terms were not discussed, media reports stated that the deal will be worth approximately five billion dollars as per the Chinese steel firm’s present market valuation. A London-based newspaper quoted Mr Mittal saying that he had a general discussion with Mr Zhang about various possibilities. It is learnt that Zhang declined the offer made by Mr Mittal. But then simultaneously he was also heard telling that he would be interested in allowing the ArcelorMittal a one to two per cent holding in his company. ‘We (Angang and ArcelorMittal) can work together. We have similar ideas, said Zhang.