A company linked to the world's largest steel group ArcelorMittal has taken an 11 per cent stake in iron ore minnow Golden West Resources. Hunan Valin Steel and Iron Group has agreed to spend $26.6 million via a placement of shares at $1.85 per share. The sale is conditional on Chinese and Australian government approvals. Hunan Valin, 34 per cent owned by Arcelor, has also entered into an offtake agreement to buy up to 4.5 million tonnes of direct shipping ore per year for 15 years. Julie-anne Sprague
