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There was patriotic outrage in France at the hostile bid for Arcelor by Mittal, a global steel giant.
The initial impetus was news that rival Mittal had increased its hostile bid for Arcelor by a third to 25.8bn (£17bn).
Lakshmi Mittal is preparing to raise his €23bn (£16bid bid for Arcelor by several billions and cede further family control over the combined group.
Ceding the rolling mills to the state would thus interfere with its overall business in France, which employs 20,000 people at 150 sites, a third of its total in Europe.The contested takeover of Arcelor by Mittal in 2006 was opposed by the then French government, forcing the Indian businessman, based in London, to make undertakings to keep steelworks open.
Mittal Steel will on Tuesday end the 17-week phoney war with Arcelor by launching a full-scale 21bn bid euro for its smaller rival in the face of fresh efforts by the pan-European group to shore up its defences.
Romain Zaleski was an integral part of the long-running takeover of Luxembourg's Arcelor by Indian steel tycoon Lakshmi Mittal.
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If Mittal manages to buy more than 50% of Arcelor shares by the time the tender offer expires, the Severstal deal will fall through.
Posco and its rivals, the world's No.1 steel maker Arcelor, followed by Nippon Steel of Japan, have raised steel prices this year.
Now Wal-Mart holds that distinction, and Weirton Steel, now owned by Arcelor Mittal, a Luxembourg company run by an Indian billionaire, is a fraction of its former size.
The chief executive of the world's biggest steel maker Mittal Steel, Lakshmi Mittal said he was really worried by a plan by Arcelor management to spoil his 19 billion euro takeover bid.
Dofasco learned about the higher bid by Arcelor on Saturday, soon after ThyssenKrupp announced a move to thwart Arcelor with its own enhanced offer worth $4.5 billion.
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