Mittal's LNM to set up $100-m facility in China

London, Jan 18, 2004

LNM Group, headed by NRI industrialist Lakshmi N Mittal, has signed a Memorandum of Understanding to set up a cold rolling and coating plant in China. The Greenfield project would involve an investment in the region of $100 million in the installation of cold roll and hot dip galvanising line over the next two years, a spokesman of the LNM Group said. The plant is expected to have nominal capacity of up to 400,000 tonnes per year.

The MoU was signed with the administrative committee of the Yingkou Economic and Technial Development Zone and the plant will be set up in Yingkou. ‘‘China has been the most dynamic driver of the steel industry’s growth over the past year and will remain so over the next decade.