Valin ArcelorMittal Automotive Steel Co., Ltd. announced that it will receive CNY 1,070,000,000 in an equity round of funding on March 15, 2013. The round will include participation from existing investors Hunan Valin Iron & Steel Co., Ltd. and ArcelorMittal. The company signed the revised and restated joint venture contract with the investors with respect to the transaction. The transaction was approved by the Department of Commerce of Hunan Province. Pursuant to the transaction, the registered capital of the company will increase from CNY 1,530,000,000 to CNY 2,600,000,000.

On the same day, the company closed the first tranche of the transaction. Hunan Valin Iron & Steel Co., Ltd. and ArcelorMittal invested CNY 497,000,000 and CNY 477,000,000 in proportion to their existing holding stakes in the company of 51% and 49% respectively. Pursuant to the tranche, the registered capital of the company will increase from CNY 709,000,000 to CNY 1,683,000,000.