Friday, May 26, 2006

Steel stocks rise in Europe.

LONDON, England (Reuters) — European stocks jumped 1 percent on Friday as sentiment continued to improve after the recent correction, with steelmakers in focus after Arcelor said it planned to merge with Russia’s Severstal.

Arcelor, fighting a hostile takeover from global sector leader Mittal Steel, fell 3 percent as dealers said Mittal may struggle to raise its bid, but other steel stocks such as ThyssenKrupp and Corus soared.

There is some speculation that the Corus share increases may be partially attributable to speculation that they may be Mittal’s next target

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