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.
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