Arcelor SA employee shareholders on 6 March 2006 urged others to retain their stake in Arcelor, saying that Mittal Steel was more eager to win over the French government than shareholders. The Association des Actionnaires Salaries d’Arcelor slammed Mittal Steel’s move last week to outline its takeover plan to the French government instead of shareholders, saying this led them to conclude that they were unimportant. “It is obvious Mittal Steel’s project doesn’t place shareholders at the heart of its strategy. Their behaviour seems clear: it’s a matter of taking power and disregarding (shareholders’) interests,” AASA said in a statement. “The employee shareholders’ association maintains its position and encourages all shareholders to hold on to their Arcelor shares.” AASA’s 20,000 members own about 1.9% of Arcelor.
