ArcelorMittal sees obstacles in China expansion

SINGAPORE: ArcelorMittal, the world's largest steelmaker, is trying to expand in China, but has found little success, its chairman said on Monday.

"I wish China would let us do more," Lakshmi Mittal, who is also chief executive of the firm, said at the Forbes conference in Singapore "We tried to expand by acquiring more in China, but so far have not been lucky enough." ArcelorMittal, which tried to take over steel firm China Oriental last year, has had to pull back to a 47 percent stake, as the Chinese government restricts ownership in steel assets.

Russia's Evraz Group bought into Delong Holdings, a Singapore-listed Chinese steelmaker, but cannot clinch the $1.5 billion acquisition without China's blessing.