Arcelor and Russian steel company Severstal announced May 26 jointly they have agreed to merge, which will create the world's steel champion, capable of producing 70 million tons per annum (Mt/a) of crude steel, with operations across Europe, Brazil, and North America. The transaction appears to have been made with a view to keeping Mittal Steel at bay. Arcelor will to pay a total of 13 billion euros to Severstal shareholders as consideration for the merger.
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