ARCELOR, the subject of a hostile takeover bid from India's MITTAL STEEL, is about to buy a stake in China's LAIWU STEEL GROUP (turnover of 37.14 yuans in 2005, workforce of 41,000, producing more than 10 million tonnes of steel a year). It is planning to buy a 37.41% in the company's LAIWU STEEL CORPORATION, quoted on the stock exchange, for a 2.086 bn in cash, or 5.888 yuan a share. It is planning to expand in the region and is considering agreements with other Chinese companies. Turkish pension fund OYAK has withdrawn from its deal with ARCELOR to buy up steel company ERDEMIR. ARCELOR wanted a 20.5% stake in ERDEMIR and has not ruled out renewed talks in the future. ARCELOR is making progress in its moves to take control of Canada's DOFASCO, in which it holds a 88.38% stake.