Posted in | News | Ferrous Alloys and Metals | Iron and Steel

Arcelor Chairman to Recommend Shareholers Reject Hostile Takeover Bid from Mittal

Mar 1 2006

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Joseph Kinsch, Chairman of the Board of Directors of Arcelor, has been informed by Arcelor's management of its strategic plan for 2006-2008.

The significant free cash flow released by this plan will be used to reward shareholders and finance the external growth of the Group through value creating projects.

The Chairman of the Board of Directors has expressed his absolute confidence in this strategic plan, which will be the subject of a detailed presentation to shareholders from the 27 February 2006, and which reinforces the Board's decision of 29 January 2006 to unanimously reject Mittal Steel's hostile bid.

The Board of Directors will submit its comments on the offer in question to the regulatory authorities of the financial markets concerned at the appropriate time.

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