India’s trade minister on 10 February criticized European governments opposing a bid by Mittal Steel for European steelmaker Arcelor, warning their stance could derail global trade talks and saying their resistance smacked of racism. “It’s xenophobia,” Commerce and Industry Minister Mr Kamal Nath said in an interview. “The government of India is very concerned. We are seeing this with a sense of disappointment.” Mr Nath said he had expressed India’s concerns last week to EU Trade Commissioner Mr Peter Mandelson. Mr Nath also argued that it is up to the company’s shareholders, not governments, to determine the merits of Mittal’s bid.
