Possible end to China ban welcomed

ArcelorMittal welcomed the potential removal of a 10-year block on overseas takeovers in China’s steel industry, the firm said yesterday. ArcelorMittal is one of the few foreign steel mills with investments in China since the ban on overseas control was imposed in 2005. The world’s top producer and consumer is considering scrapping the ban, which may be a catalyst for global mills to revive a push into China’s $423 billion (R4.5 trillion) steel sector where demand is seven times greater than in the US, the next biggest market. “It’s good news that the government is moving forward on reforms and liberalisation on foreign investment,” Lakshmi Mittal, the billionaire chief executive of ArcelorMittal, said. – Bloomberg