In lieu of takeover, Arcelor eyes Laiwu joint venture
After having its proposed acquisition of Laiwu Steel effectively blocked because of Beijing's new policy forbidding foreign companies form buying a controlling stake in a domestic steelmaker, Arcelor is contemplating a joint venture with Laiwu. Reportedly, the joint venture would see the establishment of a H-beam production base near Rizhao Port. According to reports from Laiwu Steel, the two parties are about to agree on the joint venture. However, the response of Beijing to the planned joint venture remains to be seen.