By Country / Russia
Russia's Largest Steelmaker To Merge With Arcelor
May 26, 2006
Aleksei Mordashov, CEO of Severstal (file photo) (epa)
The deal could also block a hostile takeover bid for Arcelor by Mittal Steel, until now the only global steel producer larger than Arcelor.
Severstal's controlling shareholder Aleksei Mordashov called the deal a "breakthrough" for his firm and for Russian industry's international image.
The merger still needs the approval of Arcelor shareholders, who are due to meet next month.
(Reuters)