Mittal wants to defend Europe from China

Lakshmi Mittal, the Indiaborn metals billionaire, said in a newspaper interview published on Friday his company?s bid for steel group Arcelor would safeguard European jobs in the face of mounting Chinese competition.

Lakshmi Mittal, the Indiaborn metals billionaire, said in a newspaper interview published on Friday his company’s bid for steel group Arcelor would safeguard European jobs in the face of mounting Chinese competition.

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European regulators are poring over the draft prospectus of the unsolicited Mittal Steel offer unveiled two weeks ago for Arcelor. The number one and two global steel groups are feverishly fleshing out their plans as the takeover battle heats up.

Lakshmi Mittal, founder, chairman and majority-owner of the steel group bearing his name, told Brussels weekly European Voice that he aimed to create a European champion by welding Rotterdam-based Mittal and Luxembourg-based Arcelor together.

“If we do not have a large European company, we will not be able to stand against producers (and) exporters such as China,” Mittal was quoted as saying.

“What do you want out of this economic patriotism? A strong European company, a strong European champion. This is the merger of two European companies: no job cuts, better future, better product, more invest ment,” he said.