producer in terms of turnover and the second largest in terms of steel output, with a turnover of €30.2 billion and shipments of 45 million metric tons of steel in 2004. The company was created by a merger of the former companies Aceralia
(Spain), Usinor
(France) and Arbed
(Luxembourg) in 2002.
Arcelor is now part of Arcelor Mittal.
Employing 310,000 employees in over 60 countries, it is a major player in all its main markets: automotive, construction
, metal processing
, primary transformation, household appliances, and packaging, as well as general industry.
“The grammar of business is no be respected.” — French Finance Minister Thierry Breton, expressing “profound concerns” about the unsolicited offer and its lack of advance warning.
“I'd like to present to you my fellow managers — my son isn’t one of them.” - Arcelor chief executive Guy Dolle, opening a news conference by mocking the presence of Indian-born Mittal’s son as his company’s finance director.
“There are two types of steel: high-end and commoditised. There are those who specialise in a sort of perfume like Arcelor and others like Mittal who produce Eau de Cologne.” — Dolle.
“We are not at war here, we are creating value for shareholders.” — Lakshmi Mittal at a news conference.
January 31, 2006: Politicians react
“I am determined, as is the Government, to do everything to preserve everything that we have worked for and that we believe in ... by using all necessary means to fend off the hostile (bid).” — Luxembourg Prime Minister Jean-Claude Juncker.
February 5, 2006: Economic patriotism
“I wish to state strongly that protectionist impulses have no place in modern economic governance.” — Breton in Financial Times, rejecting claims that France’s “economic patriotism” policy is unfair to Indian and other foreign firms.
February 10, 2006:
“What do you want out of this economic patriotism? A strong European company, a strong European champion. This is the merger of two European companies: no job cuts, better future, better product, more investment.” — Mittal in European Voice.
February 20, 2006:
“The concerns (about the Mittal offer) that have been expressed are entirely legitimate. I don’t understand what the fuss is about.” — French President Jacques Chirac in India.
April 3, 2006: Bid doctrine
“I cannot perceive why there must be hostile takeovers within the EU.” — Jean-Claude Juncker in FT Deutschland.
May 26, 2006: Arcelor engaged
“We have been courting for a long time. Now it is time to be engaged to be married.” — Dolle, announcing a tie-up with Russia’s Severstal to thwart Mittal offer.