Mittal Steel said it’s willing to revise its EUR 22.8 billion bid for Arcelor SA following the first contact between the company’s executives since the offer was announced more than three months ago. Mr LN Mittal chairman and CEO said âWe have said from the beginning of this transaction that we would like to enter into a friendly dialogue with Arcelor. With this in mind, we have made various efforts in recent weeks to initiate discussions and have indicated that, in the event of a recommended deal, we would be willing to revise our offer and make significant changes to our corporate governance. This move does not signify any belief that the underlying value of Arcelor has changed, but rather that additional value would be attached to a recommended offer.â? However Mr Mittal said that it won’t revise Arcelorâs offer unless Arcelor backs it. Arcelor’s board has repeatedly rejected Mittal Steel’s EUR 18.6 billion cash and share bid in its current form, while Mittal Steel has insisted the offer would not be improved.