India’s ArcelorMittal (MT.NYSE, MT.AMS), the largest steelmaker in the world, sees the potential scrapping of a decade-old ban on foreign takeovers in China’s steel industry as a positive step, Bloomberg reported, citing ArcelorMittal CEO Lakshmi Mittal. ArcelorMittal is one of the few foreign steelmills with investments in China since the ban on overseas control was imposed in 2005. The world’s top producer and consumer is considering scrapping the ban which may be a catalyst for global mills to revive a push into China’s US$423 billion steel sector where demand is seven times greater than in the US, the next biggest market.
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