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Home > Business > Business Headline > Report


Arcelor, Mittal decide to merge: Reports

June 25, 2006 15:06 IST
Last Updated: June 25, 2006 16:25 IST


European steelmaker Arcelor and the L N Mittal Group have decided to merge in principle, according to reports on Sunday.

Under the agreement, the stake of the Mittal Group will reduce to 45 percent and the merged firm will be called Arcelor Mittal. While Lakshmi N Mittal will be the co-chairman, the majority of the board will be from Arcelor. Joseph Kinsch is said to continue to be chairman.

Arcelor may have to pay nearly 130 million Euros as a fine to Russian Serverstal, for breaching the contract.

The deal might be inked on June 26.

A meeting of the Arcelor board is still on and more details are awaited.





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Number of User Comments: 5




Sub: black but no use

its a mtter of great pride for our country tha laxmi mittal has made up the deal. But how has it benefited our Country?


Posted by sindhu rajith





Sub: ARCELOR MITTAL

--Very disappointing. -- i think LNM has chickened out and has agreed to be the second fiddle. --this is a wrong move and he has ...


Posted by vsarthy





Sub: omprakash vaswani & yogesh vaswani

pray to god for successful merger every thing in favour of merger arcelor management to cool down in favour of merger


Posted by omprakash





Sub: omprakash & yogesh vaswani

Congratulations


Posted by omprakash





Sub: Indians are Doing it

proud to be a indian...he made it ! against the white race comments still we black race have proven we are not less in anyting


Posted by Rajkumar




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