Indian-owned Mittal Steel announced the purchase of a US$300 million stake in one of China's biggest and most profitable steel companies, Hunan Valin. The deal was announced in London by company chairman Lakshmi Mittal, India's richest man, who said the deal represented a strategic positioning to exploit China's soaring demand for steel. Hunan Valin reported profits in 2004 of US$85m. Mittal Steel, which describes itself as the world's "most global steel maker", has operations in 14 countries and on four continents.
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