ArcelorMittal Enters China JV
India's ArcelorMittal, the biggest steel producer in the world, sets up a USD729 bn joint venture with Hunan Valin Steel Tube and Wire Co. and the Valin Group. The JV will produce steel for the automobile industry and will be located in central China's Hunan Province. The annual capacity is expected to hit 1.2 million tonnes of steel plates. ArcelorMittal and the Valin Group will each own 33 per cent of the venture while the Hunan Valin Steel Tube and Wire Co. owns the remaining 34 per cent.
Investor Pays USD2.1m for Warren Buffett Lunch
A Chinese investment fund manager paid USD2.1m on an eBay charity
auction for a lunch with Warren Buffett. The full amount from the
charity auction will go to the Glide Foundation in San Francisco, which
provides social services for the poor and homeless. The lunch will be
held at the Smith & Wollensky Steakhouse in New York City later
this year.
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