Arcelor, Severstal to buy more steel assets

Arcelor and Severstal are reportedly planning to acquire more steel assets after uniting to become the supplier of one-fifth of the steel used in the auto industry worldwide. The merger of these two companies will create the world's largest and most profitable steel maker, and if approved would probably hinder Arcelor takeover by Mittal Steel. Severstal owner Alexei Mordashov said, “We have the legal and technical means to carry out further mergers and takeovers. This could mean buying companies or merging with companies, if it's in the interest of shareholders. We would be glad to participate wherever we see attractive possibilities. If such opportunities are in Russia, we'd gladly grow in Russia.”