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August 29, 2008


ArcelorMittal offers to buy 49% of PT Krakatau Steel - Report

Bisnis Indonesia reported that ArcelorMittal has made a formal offer to the Indonesian government to buy a 49% stake in state owned steelmaker PT Krakatau Steel.

The report quoted Mr Sudhir Maheshwari executive vice president for finance and merger and acquisition of ArcelorMittal as saying that "We are allowed to buy a stake of less than 50%, so we are making an offer to buy a maximum 49%.”

ArcelorMittal is among several companies interested to buy into Krakatau Steel. Australia's Blue Scope and India's TATA Steel have also been reported to be in the running.