Cooper Tire & Rubber Co, the second-largest US tire maker, sold its 25-percent interest in a Chinese producer of wire used in car tires to ArcelorMittal for US$7.4 million.

 

Cooper was one of several stakeholders in Rongcheng Chengshan Steel Cord Co in Shandong.

 

ArcelorMittal, the world's biggest steel maker, paid US$26.6 million for a 90-percent interest in the cord maker. The steel cord factory was part of a 2006 deal in which Cooper, based in Findlay, Ohio, acquired a 51-percent interest in Cooper Chengshan (Shandong) Passenger Tire Co Ltd and Cooper Chengshan (Shandong) Tire Company Ltd, the company said.

 

(Shanghai Daily October 16, 2007)