After purchasing a 28 percent stake in China Orient Group in early November, ArcelorMittal has now bought another 45.13 percent stake in the company.
In its latest purchase, ArcelorMittal bought 1.32 billion shares in China Orient Group at Hong Kong Stock Exchange, increasing its total number of shares in the company to 2.14 billion and thereby raising its stake to 73.13 percent. With this transaction, ArcelorMittal takes over control of China Orient Group.
In early November, ArcelorMittal had bought 28 percent of the company in question from Smart Triumph Corporation for $647 million, as reported by SteelOrbis at the time.
China Orient Group is a privately-owned steel company that mainly manufactures and sells steel products such as billets, strips, H-beams, cold rolled and galvanized strip through its main operating subsidiaries, Hebei Jinxi Iron & Steel in Hebei Province and Foshan Jinxi in Guangdong Province.
ArcelorMittal also has a 37 percent stake in China's publicly-owned steelmaker Hunan Valin.