ArcelorMittal agrees to cut China auto plant JV size

SHANGHAI, July 31 (Reuters) - Hunan Valin Steel Co 000932.SZ, partly-owned by ArcelorMittal SA (ISPA.AS), said on Friday the two sides have agreed to cut the size of their auto plate venture by 500 million yuan ($73.19 million).

Total investment in the venture, based in the central Chinese province of Hunan, will be cut to 4.5 billion yuan from 5 billion yuan previously, the Chinese steel maker said in a statement.

Hunan Valin attributed the adjustment to the "current economic" situation but did not elaborate.

Shareholding structure in the venture, 33 percent owned by ArcelorMittal, remain unchanged, it added. ($1=6.832 Yuan)

(Reporting by Fang Yan and Ken Wills)