Arcelor, Severstal to buy more steel assets

Arcelor and Severstal will consider more acquisitions after uniting to become the supplier of one-fifth of the steel used in the auto industry worldwide...

Arcelor and Severstal will consider more acquisitions after uniting to become the supplier of one-fifth of the steel used in the auto industry worldwide, senior company executives said.

Russia’s biggest cross-border deal will create the world’s largest and most profitable steel maker, and if approved would probably thwart a hostile takeover offer for Arcelor by larger rival Mittal Steel.

“We have the legal and technical means to carry out further mergers and takeovers. This could mean buying companies or merging with companies, if it’s in the interest of shareholders,” Severstal owner Alexei Mordashov told reporters.

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Arcelor unveiled on Friday plans to buy Severstal in a deal giving 40-year-old Mordashov a third of the European steel giant’s shares.

Asked whether Severstal and Arcelor would pursue acquisitions in Russia,

Mordashov said: “We would be glad to participate wherever we see attractive possibilities.

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