ArcelorMittal has been forced to put its plans for taking a majority stake in a Chinese steelmaker on hold, frustrating the ambitions of the world’s biggest steelmaker in the largest steel market.

Lakshmi Mittal, chairman, chief executive and main shareholder of ArcelorMittal, told the Financial Times that it looked as if his company would have to settle for a stake of just under 30 per cent in China Oriental, even though it had at one time appeared confident of holding more than 70 per cent.