[4] In 2009, Hunan Valin Steel acquired a 16.5% stake in Australia's third biggest iron ore producer at the time, Fortescue Metals, for US$771 million.
[6] The joint venture went operational in June 2014 with an estimated annual production capacity of 1.5 million tonnes, producing various metal parts for chassis and wheels.
According to a Mittal statement, the venture would supply steel to both international and domestic Chinese car makers, including Geely Automotive Holdings, Dongfeng Motor Group and Shanghai Auto.
[6] Hunan Valin announced a major company restructuring in 2016, publishing plans to shift into financial services and electricity generation due to overcapacity in the Chinese steel market and reduced profits.
[7] This decision caused ArcelorMittal to transfer roughly 10% of its shares in Hunan Valin Steel, worth 1.1 billion yuan ($165.9 million), to the state-owned China Reform Fund.