It is reported in a Japanese daily that Nippon Steel Corp. President Mr Akio Mimura threw his company’s support to Luxembourg steelmaker Arcelor in its fight against a hostile takeover by Mittal Steel. However, he seemed to rule out a capital alliance. During a meeting on 5 February 2006 in Paris with Mr Guy Dolle Mr Mimura said, “I will continue to believe our business relations with Arcelor should be deepened,” reports said. The report also said that both companies are now expected to carry out countermeasures against the takeover, to enable them to maintain their joint research and development on a variety of products ranging from high-end steel plates for automobiles to basic steel for construction. If Mittal Steel’s acquisition attempt is successful, the two companies’ shared strategy of supplying steel to European and Chinese markets would be greatly affected.
