Arcelor its seems are considering buying US Steel as part of their "defence" package against the Mittal takeover bid. The logic is apparently that such a purchase would increase their debt burden making them a "less attractive proposition" and also making any subsequent bid by Mittal raise fears of a steel monopoly.
Its' certainly getting interesting!
Oh and steelonthenet have put up a page of news items just on the Mittal Bid here
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