Mittal in contact with Arcelor

The world's largest steelmaker Mittal Steel today announced that it has initiated contact with the Chairman of Arcelor's Board of Directors, Mr Joseph Kinsch, with a view to discuss the terms of an offer that could be recommended by Arcelor's Board of Directors. Mittal indicated that it could sweeten its takeover bid for Arcelor on the condition that Arcelor's Board of Directors ends its opposition to the deal and recommends the offer to shareholders. “We have said from the beginning of this transaction that we would like to enter into a friendly dialogue with Arcelor. With this in mind, we have made various efforts in recent weeks to initiate discussions and have indicated that, in the event of a recommended deal, we would be willing to revise our offer and make significant changes to our corporate governance”, said Mr Lakshmi N. Mittal, Chairman and Chief Executive.