Bermuda-registered Chinese steel producer the China Oriental Group could become the first such company to be controlled by a foreign enterprise.

Luxembourg-based ArcelorMittal, which is the largest steelmaker in the world, has made a filing with the Hong Kong stock exchange to increase its interest in China Oriental from 28 percent to 73 percent.

The value of the proposed investment has not been revealed.

ArcelorMittal is reported to have a turnover of some €18.5 billion ($27.4 billion) and employs around 350,000 workers.

In 2006 ArcelorMittal shipped 110.5 million tonnes of steel, compared to China Oriental's production of four million tonnes.

Oriental was privatised in 2001.