Until late last year Arcelor was Europe's largest steelmaker. It was a European champion forged from the merger of France's Usinor, Luxembourg's Arbed and Spain's Aceralia in 2001. Today it is the core of the world's largest steel company, with production of about loom tonnes. It was taken over by Mittal, a Dutch-registered company run from London by its biggest single shareholder, Lakshmi Mittal, an Indian who started his first business in Indonesia. The takeover battle raged for six months before Arce-lor's bosses finally listened to shareholders who wanted the board to accept Mit-tal's third offer.
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