Top executives of Arcelor Brazil pledged to join the fight against an unsolicited bid by global leader Mittal Steel as Mr Jose Armando de Campos, president of Arcelor Brazil and senior executive vice president Mr Carlo Panunzi, said they were worried about Mittal’s bid. The two executives declined to say what legal defences they would have to the bid but they were reviewing that with lawyers. “We are concerned about the fact that this value creation could be a risk within a larger group as it is proposed today. Simply because of the value of the assets that are lying on the other side and in the competitors’ hands,” Mr Panunzi said. “We see in this configuration the risk that finally somebody is going to take the cash out of one side and put it in the other because there are gaps in capital expenditure to eliminate,” he said.