After Arcelor, Mittal eyes India, China | india | Hindustan Times
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After Arcelor, Mittal eyes India, China

"At this point, we will focus on China and India," he said, when asked about the group's future acquisition strategy.

india Updated: Jul 01, 2006 13:05 IST
Reuters

Mittal Steel, after acquiring rival Arcelor, has set its sights on further acquisitions in emerging markets such as China and India, Lakshmi Mittal said.

"At this point, we will focus on China and India," Mittal said in an interview, when asked about the group's future acquisition strategy.

Mittal was speaking hours after Arcelor's shareholders rejected an alternate merger deal with Severstal, clearing the way for a combination of the world's two largest steelmakers after a five-month bitter battle.

"We never expected that it would be so difficult, with so many hurdles and obstacles," Mittal said.

Mittal, 56, said that the combined group would be "at least five years ahead of competition," and spur consolidation across the sector.

"It will also pave the way for other steel companies to take this sort of consolidation seriously," he said.

Despite the size of the deal, the Arcelor-Mittal group will control just 10 per cent of the global steel market.