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Strategies & Market Trends : China Warehouse- More Than Crockery -- Ignore unavailable to you. Want to Upgrade?

To: RealMuLan who wrote (1555)	11/18/2003 11:58:22 PM
From: RealMuLan	Read Replies (1) \| Respond to of 6370

Europe's steel giants pour cash into China By Peter Marsh in Düsseldorf Published: November 17 2003 4:00 \| Last Updated: November 17 2003 4:00 Europe's two biggest steelmakers are going ahead with large investments in China, underlining the importance of the country to western manufacturers as its economy booms. ThyssenKrupp of Germany, Europe's second-biggest steelmaker, is to spend about ˆ120m ($141m) over two years on processing plants in China mainly to provide specialised forms of the metal for the fast- expanding Chinese car industry. The company hopes to increase its steel sales in China tenfold in three years to about ˆ800m. Arcelor of Luxembourg, the world's biggest steel-maker, said it was due to sign an agreement in weeks to spend about ˆ100m on a share of a new steel plant in Shanghai. This is the company's first foray into steel production in China. In recent years, China has become the world's biggest steel producer. Next year, China is expected to account for 31 per cent of world steel consumption. Ulrich Middelmann, head of ThyssenKrupp's steel business and deputy chairman of the whole group, said the new investment was a sign of the "big opportunities we see in this market". news.ft.com