Mittal not doing an Arcelor at Posco

South Korean media reports about the world’s largest steel maker Arcelor Mittal eyeing a hostile takeover bid for Posco, the third largest steel company in the world, have been denied by both companies. A top Arcelor Mittal executive told ET that there was no truth in these reports.
Posco, too, has has denied a Korean newspaper report that a senior Arcelor Mittal executive expressed interest in Posco’s M&A strategy when he visited South Korea last month. “The Arcelor Mittal executive and Posco CEO talked about the consolidation in the global steel industry at that time but the executive did not mention Poscos’s M&A strategy,” a Posco official told news agencies.

The Korea Economic Daily on Friday reported that Arcelor Mittal could be interested in making a hostile takeover of South Korean steel maker. Citing an unnamed Posco executive, the local paper reported that Arcelor Mittal’s interest in the Korean major’s M&A strategy means the firm has put Posco on its M&A target list. Roland Junck, a member of Arcelor Mittal’s management board, had met Posco chief executive Lee Ku-taek last month.


Read more at The Economic Times