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/ 2 February 2006

Mittal stands by bid for Arcelor

Mittal Steel chief executive Lakshmi Mittal said on Thursday that opposition to his hostile takeover bid for European steelmaker Arcelor could not weaken the "industrial logic" of his plan which would protect European jobs. The bid by Mittal would create by far the biggest steel group in the world, accounting for 10% share of global steel production.