Mittal Steel significantly increases offer for Arcelor

Mittal Steel Company N.V today announced its decision to improve its offer made to the security holders of Arcelor SA. According to the statement released by the company today, Mittal Steel increased its offer for rival Arcelor SA by 34 percent, valuing the company at Euro 25.8 billion ($33 billion). Mittal announced that the offer represents a premium of 34 percent over its previous offer, as well as a premium of 70 percent over Arcelor's price prior to the first bid proposal in January. Arcelor will reportedly review the offer on Sunday.