Mittal Steel CEO presser on merger with French Arcelor
1. Wide of crowd
2.
Mid shot of
Lakshmi Mittal, chairman and
CEO of
Mittal Steel
3. Wide of conference
4. SOUNDBITE: (
English) Lakshmi Mittal, chairman and CEO of Mittal Steel:
"For me this is really a merger of equals and we intend to treat it as such. We want to create the world's undisputed leader in the steel industry.
The company will be a global champion with its home base in
Europe. Why do we need to be a global champion? Our customers and our suppliers are increasingly global. They prefer to have a strong and more global partner in front of them."
5. Mid shot of camera
6.
Cutaway of photographers
7. SOUNDBITE: (English) Lakshmi Mittal, chairman and CEO of Mittal Steel:
"
We are going to honour all the commitments made by Arcelor. So there is no job cuts, there is no change in the employees.
On the contrary, Mittal Steel has been expanding and growing their businesses. We are not here, we do not plan to cut, shut down any of our facilities in Europe. On the contrary, we have plans to expand our business in Europe. We have got investment program in all the countries where we have business."
8. Cutaway of audience
9. SOUNDBITE: (English) Lakshmi Mittal, chairman and CEO of Mittal Steel:
"This week, we are going to meet all of the stakeholders. We are going to
Luxembourg and we are going to
Belgium and
Spain and meet all of the stakeholders of the company. We propose to meet the employees, all of the stakeholders, and hope that we will be able to explain to them the logic of this transaction which is so strong and I'm sure that we will have the support of all of the stakeholders."
10. Wide of press conference
11. Cutaway of photographer
STORYLINE:
The CEO of the world's biggest steel company,
Lakshmi Mittal, said his company's proposed deal to take over the world's number two steelmaker Arcelor was "really a merger of equals."
Speaking at a news conference in
Paris shortly after meeting with
French Finance Minister,
Thierry Breton, the Mittal CEO said the goal was to create a "global champion with its home base in Europe."
Mittal announced its bid, on Friday, to create the world's first
100 (m) million ton-plus steel producer. The CEO said he wanted to be "the undisputed leader in the steel industry."
He said he did not foresee any job cuts or the shutting down of any facilities in Europe. On the contrary, he said there were plans to expand its business in Europe.
Arcelor's board
of directors rejected Mittal Steel's 22.5 billion (b)
US dollar hostile takeover bid on Sunday, saying it would hurt the group, its shareholders, employees and customers. It was referred to the EU
Competition Commission.
Ministers across Europe voiced concerns.
The French government indicated that it would not intervene on Arcelor's behalf.
Officials are concerned because Arcelor employs nearly 30-thousand people in
France.
While Arcelor's largest shareholder, the Luxembourg
Government, also voiced concerns about the bid. Mittal is due to meet with Luxembourg officials on Tuesday.
Mittal Steel overtook Arcelor as the world's largest steelmaker by buying US-based
International Steel Group, and
Ukraine's state-owned
Kryvorizhstal last year.
With revenue of 36.3 billion (b)
US dollars last year, Arcelor is the world's second-biggest steel company.
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