Arcelor completes Dofasco takeover

Arcelor SA, the world's second-largest steelmaker, has announced that they now own 88.38 percent of Dofasco's shares . After acquiring the majority of Dofasco's stock Monday, Arcelor took control of the company, requesting that six members of Dofasco's Board step down. Arcelor has since nominated six new board members to replace them. The new members will join the six remaining directors including Dofasco's CEO Don Pether and chairman Brian MacNeil. "Today, Dofasco becomes the center of Arcelor's growth strategy in North America, a cornerstone of our continued worldwide leadership in the market for automotive steel," said Arcelor CEO Guy Dolle, after announcing Arcelor had acquired most of Dofasco's shares. Arcelor also made a statement that it would extend Monday's deadline for acceptance of Mittal's $22.5 billion takeover offer until March 7 for other Dofasco shareholders. Mittal has indicated that if the deal goes through, they will sell Dofasco to Thyssenkrupp, who Arcelor outbid for Dofasco ownership last month.