Arcelor speaks with MMK

European sources are reporting that European steel group Arcelor, which is defending itself from being taking over by Mittal Steel, the world's largest steelmaker, is in talk with Russian steel producer Magnitogorsk Iron and Steel Works (MMK). Arcelor is, reportedly, in very advance phase of negotiations with MMK which could take a significant stake in its capital. Both companies declined to give any official statement on the issue.