Mittal Steel Co. has made an unsolicited bid to buy Arcelor SA for EUR 18.6 billion in a combination that would transform the industry, according to a Dutch newspaper. Both companies’ shares were suspended today. By buying Arcelor, billionaire owner Mr LN Mittal would control about 10% of the global steel industry, more than three times as much as his closest rival. The transaction would be the biggest ever in the steel industry. The offer values each Arcelor share at EUR 28.21, which represents a 27% premium over the closing price and all time high on Euronext Paris of Arcelor shares on 26 January 2006, a 31% premium over the volume weighted average price in the preceding month, and a 55% premium over the volume weighted average share price in the preceding 12 months.