Hunan Valin Steel Co (000932.SZ), partly-owned by ArcelorMittal SA, said on Friday the two sides have agreed to cut the size of their auto plate venture by 500 million yuan ($73.19 million).
Total investment in the venture, based in the central Chinese province of Hunan, will be cut to 4.5 billion yuan from 5 billion yuan previously, the Chinese steel maker said in a statement.
Hunan Valin attributed the adjustment to the "current economic" situation but did not elaborate.
Shareholding structure in the venture, 33 percent owned by ArcelorMittal, remain unchanged, it added.
