ArcelorMittal, the world’s largest steelmaker, welcomed the potential removal of a near 10-year block on overseas takeovers in China’s steel industry. ArcelorMittal is one of the few foreign steelmills with investments in China since the ban on overseas control was imposed in 2005.

The world’s top producer and consumer is considering scrapping the ban which may be a catalyst for global mills to revive a push into China’s $423 billion steel sector where demand is seven times greater than in the US, the next biggest market.

“It’s good news that the government is moving forward on reforms and liberalisation on foreign investment,” Lakshmi Mittal, the billionaire chief executive officer of ArcelorMittal, said in an interview.

“Whether we will like to invest more in this country or we will not, will depend on the future development of our various projects.”

China’s steel output may reach 1.1 billion metric tonnes in the next 10 years, driven by urbanisation, BHP Billiton Ltd, the world’s biggest miner, said this month. –(Bloomberg)