Mittal Willing to Become Minority Shareholder

ArcelorMittal, the world's largest steel maker, reasserts its seriousness to realize all of its corporate actions conveyed to the government.
The Indian company even has no objection to become a minority shareholder of PT Krakatau Steel (KS) or of other joint ventures to be established.
"We have three corporate action plans and are probing to what extent we can participate in the Indonesian steel industry. We will realize all of the three investment plans," said Lakshmi Mittal, Chief Executive Officer of Arcelor-Mittal, in a conference call over last weekend.
several other Indian steel makers have been aggressively expanding businesses by buying companies overseas to boost their global capacity.
Last year, Essar bought Algoma Steel Inc and Minnesota Steel Industries LLC in North America. At the end of April 2008, Essar also bought Esmark Inc.
J. Mehra, Chief Executive Officer of Essar Steel Holdings Ltd, said the company was consistently seeking opportunities for expansion, while Director of Essar Group Prashant Ruia added the company would boost its production capacity to 25 million tons.
Another Indian steel company, Tata Steel, also bought a British steel make, Corus Group Plc, for US$12 billion in 2007.