Report Says ArcelorMittal Failed to Give Valin Technical Support
Stock Chart for Hunan Valin Steel Co Ltd (000932)
ArcelorMittal (MT) failed to provide Hunan Valin Steel Co. with technology support for production as previously pledged, causing losses of 857 million yuan for the Chinese company in 2010, according to a report by the Hunan branch of the China Securities Regulatory Commission that Valin published as part of a filing to Shenzhen’s stock exchange today.
ArcelorMittal did not include Valin into its global purchase system, causing the Chinese company to pay 780 million yuan more for iron ore from 2006 to 2009, the report said.
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