Luxembourg-based ArcelorMittal, the world's No. 1 steelmaker, has approached Egyptian Iron and Steel to forge a partnership, an Egyptian newspaper reported.

The tie-up would help Egyptian Iron and Steel raise EGP15 billion ($2.6 billion), al-Masry al-Youm reported, citing an unnamed official at Holding Company for Metallurgical Industries, an affiliate of the Egyptian firm.

The talks could lead to ArcelorMittal helping develop Egyptian Iron and Steel through major investments and transfer of technology and equipment to the Egyptian company's factory, the paper said. – Reuters