Mittal Steel Co. on Friday announced a surprise $22.8 billion offer for rival Arcelor SA, a deal that would unite the world’s largest steelmaker with its closest rival to create a global powerhouse capable of producing more than 100 million tons a year.
While the unsolicited cash and stock bid for Arcelor caught the market by surprise, the steel industry has been consolidating rapidly in recent years and Mittal has been openly looking for acquisitions to increase its market share as demand from China and India rises.
