ArcelorMittal (NYSE: MT) holding talks with Wuhan (NASDAQ: WUHN), bypassing the Rio Tinto, Vale and BHP Billiton

ArcelorMittal (NYSE: MT) coming to terms with the Chinese

In brief: Wuhan General Group China Inc. (NASDAQ: WUHN) is seeking support with ArcelorMittal (NYSE: MT). The new metal conglomerate could become the world's leading steel producer.

Wuhan General Group China Inc. (NASDAQ: WUHN) shares dropped to1.31 points, losing -0.08 (-5.75%). ArcelorMittal (NYSE: MT) shares rose
to 30.42 points, gaining +0.73%).

Wuhan Iron and Steel Group (Chinese steel company) is holding cooperation talks with Luxembourg ArcelorMittal, the world’s largest steel manufacturer. The two companies expect to reach complete self-sufficiency within 3 to 5 years by reducing dependence on iron ore supplies from Rio Tinto, Vale and BHP Billiton.

Anrey Torbinski
2010-08-17 13:28, Commodities.

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