Mittal Steel has attacked Arcelorâs plan to merge with Severstal. âArcelorâs shareholders are being forced to hand over control of their company, while being denied a premium,â? Mittal says. A Mittal spokesman said: âThis deal is about creating a Russian steel champion, not a European steel champion, which Mittal Steel is trying to do.â? He added that Severstal president Alexei Mordashov, with a 32% shareholding, will have effective control of the new Arcelor. He will also retain a 25% blocking stake in Severstal.