Archiv – The steel industry firmament was rocked in January when the world's largest steelmaker Mittal Steel submitted a takeover bid for Arcelor, its nearest rival in production terms. The steel industry firmament was rocked in January when the world's largest steelmaker Mittal Steel submitted a takeover bid for Arcelor, its nearest rival in production terms. The initial bid, worth some Euro 18.6 billion (US$ 22 billion), was rejected by the Luxembourg-based group but, at the time of writing, industry analysts were bracing themselves for the next move by Mittal Steel's multi-billionaire owner Lakshmi Mittal. Soon after the bid had been lodged, Arcelor's Chief Executive Guy Dolle suggested that it undervalued the business and that, in any case, the steel giants would be incompatible. The two companies did not 'share the same strategic vision, business model and values', it was claimed.