ArcelorMittal decided to slash investment in an auto sheet joint venture with Valin Iron and Steel to 4.5 billion yuan from the original 5 billion yuan plan signed on June 27, 2008 that will see a cold rolled and hot-dip galvanized production line for auto being put into operation in 2010 with an annual capacity of 1.2 million tons. The registered capital of the JV has also been trimmed from two billion yuan to 1.53 billion yuan.