Mittal not planning to reduce stake immediately
NRI steel tycoon Lakshmi Mittal has no immediate plans to reduce his stake in Mittal Steel Group, rated as the world"s largest steel company, a spokesman said.
Mittal, Chairman of the Group which produces 51 million tonnes of steel annually, was aware of the options open to him but he has no immediate plans to dilute his stake, the company spokesman said.
The London-based "Financial Times" newspaper had last week reported that the steel giant would be willing to reduce his 86 per cent stake in the Mittal Steel Group. The interviewer asked Mittal whether he would be willing to reduce his stake and he replied that he was aware of the options open to him but has no plans to change it now, the spokesman said.
The Mittal Group is in the process of acquiring State-owned loss making companies in Turkey and Ukraine, which could cost it USD two billion. The group is also keen to buy steel companies in China. Mittal Group produces 51 million tonnes of steel annually, which may rise to 80 to 100 million tonne-mark in the next few years.
Mittal, Chairman of the Group which produces 51 million tonnes of steel annually, was aware of the options open to him but he has no immediate plans to dilute his stake, the company spokesman said.
The London-based "Financial Times" newspaper had last week reported that the steel giant would be willing to reduce his 86 per cent stake in the Mittal Steel Group. The interviewer asked Mittal whether he would be willing to reduce his stake and he replied that he was aware of the options open to him but has no plans to change it now, the spokesman said.
The Mittal Group is in the process of acquiring State-owned loss making companies in Turkey and Ukraine, which could cost it USD two billion. The group is also keen to buy steel companies in China. Mittal Group produces 51 million tonnes of steel annually, which may rise to 80 to 100 million tonne-mark in the next few years.