Arcelor Mittal not to sue Stichting over Dofasco

The world's largest steelmaker Arcelor Mittal has announced that it will not initiate legal action against the independent Dutch foundation Strategic Steel Stichting (Stichting) to obtain possession of the 89 percent stake which the Stichting currently holds in North American steelmaker Dofasco. The Arcelor-owned stake in Dofasco was transferred to the Stichting in August 2006 to resolve certain US competition concerns. In October 2006 the BoDs of Arcelor and Mittal Steel formally requested that the Stichting return the Dofasco shares to Arcelor. However, in November, the Stichting shareholders decided against the dissolution of their company and not to return the Dofasco shares. The possession of the Dofasco shares by the Stichting stands as the main obstacle in the way of the sale of Dofasco to German steelmaker ThyssenKrupp.