May 10 2006
Arcelor informs that over the past two weeks its chairman of the Board, Mr. Joseph Kinsch, has received requests from Mr. Mittal for a meeting.
Arcelor confirms that Mr. Kinsch told Mr. Mittal on several occasions, both orally and in writing, that, despite the reservations Arcelor and its board have about the proposed combination of the two groups and the different views on valuation and governance, he was prepared to meet Mr. Mittal provided that he would be in possession of sufficient information to assess the intentions of Mittal Steel, its industrial, social and business plans, and the value of its shares as well as elements justifying the strategic logic of a combination of the two groups and his views with respect to corporate governance.
Mr. Mittal sent several documents to Mr. Kinsch. However, these documents did not contain all the essential information requested, and in particular Mittal Steel's business plan and other information which would permit an assessment of Mittal Steel's intrinsic value.
Arcelor confirms that for a meeting to take place and be productive between representatives of the two groups, it needs to receive sufficiently precise information beforehand on the requested items.
Arcelor's Chairman reiterates that the Board of Directors will examine all options and proposals based on a strong and coherent industrial model and which maximizes shareholder value.
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