Arcelor-Mittal finally emerges from the talks between Mittal Steel and Arcelor

Arcelor-Mittal finally emerges from the talks between Mittal Steel and Arcelor

European steel maker Arcelor has finally agreed to merge with the world’s largest steel company Mittal Steel. The company accepted the offer of an improved 25.6 billion euro and the deal would create a company three times larger than the next biggest player in the Steel Industry.

This deal was finalized after a five-month long battle, which saw Mittal Steel’s owner L N Mittal going on all the way to achieve what he wanted. These five months also saw involvement from a Russian steel company and several world’s governments.

The deal was announced by Arcelor Chairman Joseph Kinsch who confirmed that the company board had voted to accept Mittal’s revised cash-and-stock offer.

He said: “In the end, it was decided unanimously by the Arcelor board that (it will) recommend the new offer by Mittal Steel.”

The approved deal was a 10% improvement over the Mittal Steel’s earlier bid and the merged company would now be known as Arcelor-Mittal. It would be headquartered in Luxembourg and would be producing about 10 percent of global steel.