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India and China, Mittal's next target

Luxumbourg: Mittal Steel chief Lakshmi Mittal said at a news conference here on Monday that global consolidation was far from over and three years from now, he could set his eyes on India and China.

``I am confident that once the Mittal-Arcelor deal is complete, it would entail more consolidation for steel companies. In the next 10 years, we should have two companies with a 150 tonne capacity or more'', Mr. Mittal said in the joint press meet with Arcelor chairman Joseph Kinsch.

Mr. Mittal, however, ruled out a three-way merger with Severstal, saying the deal would not be in the interest of shareholders.

``There will not be any three-way merger with Severstal, as it is not in the interest of the shareholders and is not investor friendly,'' he said. — UNI

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India and China, Mittal's next target

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