CISA against foreign capital in Baotou Steel

SteelOrbis Shanghai Mr. Luo Bingsheng, vice chairman and secretary-general of China Iron and Steel Association, stated in the first quarter meeting that CISA was against the acquisition of Chinese steel mills such as Inner Mongolia based Baotou Steel by foreign funded enterprises. CISA is also against the purchases of shares from many Chinese iron and steel companies by a single foreign funded enterprise. According to Mr. Luo, Baotou Steel owns one of the most important mine deposits in China, which is another reason for the mill not to be sold to a foreign-funded enterprise. It is thought that, the statement from CISA was given against Mittal Steel's desire to purchase a stake in Baotou Steel.