Mittal calls on China to ease investment rules

Lakshmi Mittal, CEO of ArcelorMittal (MT.NYSE, MTS.BMAD, MT.LuxSE), the world’s largest steel producer, called on China to relax its onerous restrictions on foreign investment, the Financial Times reported. Mittal, referencing a debate surrounding Anshan Iron & Steel’s plans to build a steel plant in Mississippi, said that "[y]ou cannot expect business people in the US to be relaxed [about planned inward investments by Chinese companies] if their attempts to do the same thing in China are covered by restrictions." ArcelorMittal’s own attempts to expand into the Chinese market have been frustrated by Beijing. Rather than acquiring a large venture, the firm has so far only been approved to take minority stakes in two mid-sized Chinese producers. Beijing has cited the strategic importance of the steel industry as a reason for preventing further foreign acquisitions.