ArcelorMittal to sell stake in Valin Steel

On August 2, Hunan Province-based Chinese steelmaker Hunan Valin Iron and Steel Co. (Valin Steel) announced that its shareholder global steel producer ArcelorMittal plans to transfer its 303.9391 million shares in Valin Steel to Hunan-based state-owned enterprise Innovative Private Equity Investment. The shares in question are equivalent to a 10.08 percent stake in Valin Steel and are expected to be sold for a total of RMB 1.103 billion ($0.17 billion).