Monday, June 12 2006 12:20 Hrs (IST) - World Time -

Brussels: Steelmaker Arcelor SA said today (June 12, 2006) that its board has rejected Mittal Steel Co.'s revised offer and recommends that shareholders approve a deal with Russia's OAO Severstal.

Arcelor, which has long resisted Mittal's bid, said the current offer is inadequate as it continues to undervalue Arcelor and called the Severstal transaction a more attractive alternative from a strategic, financial and social point of view.