ArcelorMittal, the world's leading steel company, announced on March 2 that it had taken a 40% stake in Thai counterpart G Steel.
"G Steel is an important component of our overall emerging markets strategy and will provide ArcelorMittal with a major manufacturing presence in Thailand and the ASEAN region where we expect steel demand to continue growing," said ArcelorMittal chief executive Aditya Mittal.
"We are confident that our global expertise and investment will develop the company's potential and will facilitate an operational, financial and commercial turnaround," he added.
The cost of the deal for the company, which is listed on the Bangkok bourse, was not revealed.
G Steel and its subsidiary GJ Steel Public Co. have a combined annual capacity of over 2.5 million tons of steel per annum. The companies together have over 1,400 employees.
Copyright Agence France-Presse, 2011