Arcelor boosts profit, fights takeover
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Luxembourg-based Arcelor posted strong earnings for the fourth quarter and full-year of 2005.
Arcelor CEO Guy Dolle said several times that Arcelor's latest performance showed the value of it remaining independent.
Dolle stressed that Mittal Steel Co., the world's largest steelmaker, should have approached Arcelor with a merger offer, not the Euro 18.6 billion cash-and-stock takeover that it proposed. However, Dolle seemed to soften his stance a bit, saying he would at least consider a new all-cash offer from Mittal.
Arcelor reported that fourth quarter profit rose 52 percent to Euro 1.25 billion and full-year profit increased 66 percent to Euro 3.85 billion.
In addition, Mittal said Thursday that Arcelor's fourth-quarter performance wouldn't alter the financial terms of its bid for the company. Arcelor's results come a day after Mittal posted substantial declines in final quarter and full-year earnings following acquisitions and raw material costs.