Arcelor cancels share buyback meeting

Luxembourg-based steelmaker Arcelor said on Monday that it had canceled a shareholder meeting on June 21. Arcelor indicated that the shareholder meeting scheduled for Wednesday would not go ahead “in the current discussions between the management of Arcelor and Mittal Steel and in order not to impair any solution for the future of Arcelor.” The meeting was due to discuss a planned Euro 6.5 billion ($8.1 billion) share buyback, widely seen as an attempt to thwart Mittal's bid.