Mittal could expand into Arcelor's high-margin markets, Arcelor could gain from Mittal's low-cost production.

ECONOMIST: The battle for Arcelor is about more than steel

In an interview with BBC News, Mittal explained that the lion's share of Arcelor's business lay in Western Europe "where growth is very flat or very small".

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Mordashov, perhaps mindful of the cool reception given in May to the Severstal merger by Arcelor's rebel shareholders, also confirmed his intention not to increase his shareholding in Arcelor above 33.3%, without making a mandatory tender offer to all shareholders--in accordance with Luxembourg law.

FORBES: Magazine Article