Tuesday, October 04, 2005

Mittal, Arcelor Wary of Paying Too Much for Turkish Steelmaker

Oct. 3 (Bloomberg) -- Mittal Steel Co. and Arcelor SA, the world's two biggest steelmakers, will be wary of overpaying for a stake in Turkey's state-controlled Erdemir, the country's largest steelmaker, after its share price rose 46 percent this year.
Mittal, Arcelor and Russia's OAO Severstal will compete for a 49 percent stake in Erdemir in a televised government auction on Tuesday, according to executives involved in the bidding. Erdemir's share price has risen in anticipation of a high offer for the company after European steelmakers made record profits
Full story at Bloomberg

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