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European steel giant Arcelor has reached a framework agreement with Chinese producer Laigang Group that will allow Arcelor holding a minority stake in the Chinese firm, the Chinese Securities Journal said Wednesday.

 

"Laigang has reached an accord with Arcelor on the ratio of shares to be purchased. Archelor will not be holding the controlling shares," said an unidentified official in Laigang, a major Chinese steel producer based in Laiwu City, east China's Shandong Province.

 

The official, who had taken part in the negotiations, said the agreement also involves the transfer of technology and management expertise as well as the sharing of commercial resources.

 

Laigang Group turned out 6.58 million tons of steel in 2004. It is the parent company of Laiwu Steel listed on the Shanghai Stock Exchange. The company has been approved by Chinese authorities to build a new H steel plant at a cost of two billion yuan (about US$247 million).

 

Arcelor started negotiations with Chinese steel firms as early as 2004, but all of them had failed due to its insistence on controlling shares.

 

The report gives no details about the deal, but unconfirmed media reports have said that Arcelor will pay 1.8 billion yuan (about US$222 million) for its shares in Laigang.

 

The deal, however, is still subject to uncertainties, as Archelor itself is battling to avoid a bid by Mittal, the world's leading steel producer.

 

(Xinhua News Agency February 16, 2006)