At an extraordinary meeting in Luxembourg on Sunday, Arcelor’s Board of Directors, under the chairmanship of Joseph Kinsch, has examined Mittal Steel’s unsolicited proposal. After a thorough review and analysis of the elements at its disposal, the Board has swiftly concluded that Arcelor and Mittal Steel do not share the same strategic vision, business model and values. The Board then expressed its concern regarding the severe consequences that Mittal Steel’s proposal could have on the group, its shareholders, employees and customers. Furthermore, the Board of Directors believes that the continuation of Arcelor’s present strategy offers the best guarantee of value creation for its shareholders.
Therefore, the Board of Directors has resolved that it:
1. unanimously rejects Mittal Steel’s unsolicited proposal which it considers hostile,
2. recommends to Arcelor’s shareholders not to tender their shares into the proposed offer, if and when submitted,
3. mandates the Management Board to present to the Board of Directors all actions and options that are in the best interests of all stakeholders.
The Board of Directors confirms its full confidence in the management and employees of Arcelor and supports their ongoing efforts to create value for all stakeholders.
