In an industry selling at two times annual revenue Arcelor is at just one times.
He has since retracted a remark that Arcelor Mittal was no longer welcome in France.
Even if it were to win Dofasco's hand, Arcelor would lag some way behind.
Mittal could expand into Arcelor's high-margin markets, Arcelor could gain from Mittal's low-cost production.
Arcelor Mittal has been active in making sure its steel mills are well supplied.
With 28, 000 employees in the country, Arcelor is one of the largest employers in France.
Mittal-Arcelor would have almost 350, 000 employees at 61 plants in 27 countries, mostly outside Europe.
But Luxembourg, which owns nearly 6% of Arcelor, has also expressed reservations about the tie-up.
Mittal overtook Arcelor as the world's largest steelmaker after buying America's International Steel Group in 2005.
But he also says he will not sweeten his offer for Arcelor for a second time.
Arcelor and Severstal know each other well after launching some joint ventures in Russia.
The only justice would be towards Arcelor's top managers, who would certainly lose their jobs.
Arcelor mines coal and iron, makes coke, has both integrated mills and minimills and has top-notch distribution.
Hence I like Arcelor Mittal (79, MT ) , domiciled in Luxembourg but spread across the globe.
That's what Lakshmi Mittal will need if he's to pull off his Arcelor coup d'etat.
Luxembourg-based Arcelor, the world's biggest steel producer, is eager to switch manufacturing capacity from Europe to cheaper regions.
It would be sold to ThyssenKrupp , the German steel maker that lost the bidding war with Arcelor.
Arcelor, buoyed by the antipathy of the governments of France and Luxembourg, used many means to deter Mittal.
Nevertheless, the French government will be worried by a deal that could hurt Paris-listed Arcelor's 28, 500 French staff.
It is also unlikely: only about one-third of Arcelor's widely dispersed group of shareholders usually attend such meetings.
Asia's richest man celebrated merger between his Mittal Steel and Arcelor in September.
The emergence of Arcelor and Mittal has changed all that, with steel groups that have an increasingly global dimension.
The governments of Luxembourg and Belgium, which both own a slice of Arcelor, also expressed doubts about the approach.
Early indications are that this venture (60% Peabody, 40% Arcelor) will be successful.
Ah well Arcelor shareholders, looks like it's back to the forge for you.
Even before the bid for Arcelor, Mittal led the transformation of the industry.
Mittal acquired Arcelor for 30bn euros in 2006, creating a firm with a 10% share of the world steel market.
Dolle said that Arcelor had been aware of Mittal's intentions for several months, and was steeled for the ensuing tug-of-war.
Today my company has a multiplier more like a steelmaker such as Arcelor Mittal: a number too painful to print here.
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Last week the European Commission gave the provisional go-ahead for Mittal Steel to buy French rival Arcelor in a hostile acquisition.
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