Arcelor, on 16 February, announced a rise in profits and higher dividends for 2005, citing the stability of its business model for allowing it to prosper in tougher cyclical conditions. The Luxembourg-based group said its improved performance offered the best defence against the hostile EUR 18.6 billion takeover bid launched by rival Mittal Steel. The company said in a statement that the results “demonstrate that the value Arcelor is creating for its shareholders far exceeds the value proposed by Mittal Steel”.
