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Arcelor shareholders back Mittal

Mittal Steel has secured the backing of more than half of Arcelor shareholders to approve the merger.

india Updated: Jul 18, 2006 17:28 IST

Mittal Steel said on Tuesday that it had secured the backing of more than of half the Arcelor shareholders required to approve the merger of the two companies to create the world's largest steel producer by far.

The process is still running, and the final results would be made known July 26, a statement from Mittal Steel said from its Rotterdam office.

At the end of June, Arcelor shareholders backed a management merger proposal following a five-month struggle. During this period, the management had initially opposed the merger and sought an alternative deal with Russia's Severstal.

The new company will have annual capacity in excess of 100 million tons, three times larger than its nearest rival, Japan's Nippon.

Arcelor was formed in 2001 from the merger of French, Spanish and Luxembourg companies. It is based in Luxembourg.

Mittal Steel, owned by Indian-born billionaire, is registered in Rotterdam, listed in Amsterdam and New York, and managed from London.