ArcelorMittal to buy stake in Thai firm

[] — ArcelorMittal, the world’s largest steel company, is about to take a 40% stake in Thai steel maker G Steel for $250m, the Bangkok Post reported on Wednesday.

The daily quoted a G Steel executive as saying the agreement would be signed in Bangkok later in the day.

The deal may involve an increase in capital, the daily said, after which ArcelorMittal would be the largest shareholder in the Thai firm with 40%.

G Steel is controlled by tycoon Somsak Leeswadtrakul.

Shares in G Steel closed up 4.3% on Tuesday at 0.73 baht, their highest level in almost six weeks. The Thai bourse said it had suspended shares in G Steel on Wednesday morning.