Mittal Steel Co. NV has received final approval relating to its acquisition of 36.67% of Hunan Valin Steel Tube & Wire Co. for a total consideration of US$338 million.

Hunan Valin is one of the largest steelmakers in China with annual steel production capacity of 8.5 million tonnes. It is listed on the Shenzhen Stock Exchange.

Commenting, Lakshmi N. Mittal, Chairman and Chief Executive of Mittal Steel, said, “This is a key strategic transaction for Mittal Steel as it marks our first step into China, the world’s fastest growing steel market. We are very much looking forward to our collaboration with Hunan Valin, and are confident that we can help the company further improve on its market position by providing marketing, procurement and technological knowledge and expertise.”

Mittal Steel Co. is the world’s largest and most global steel company. The company has operations in fourteen countries, on four continents. Mittal Steel encompasses all aspects of modern steelmaking, to produce a comprehensive portfolio of both flat and long steel products to meet a wide range of customer needs. It serves all the major steel consuming sectors, including automotive, appliance, machinery and construction. For 2004, Mittal Steel had revenues of US$22.2 billion and steel shipments of 42.1 million tonnes.