Mittal Steel Iron in the fire

Mittal Steel is the world’s largest steel producer. It has just confirmed that it is also the most daring. It has made an unsolicited E19bn bid for the industry’s second largest player, Paris-listed Arcelor. A deal would make good sense for both sides. The industrial logic is unimpeachable. Mittal estimates synergies of $1bn, or 8% of estimated ebitda for the combined venture. But that number is likely to prove conservative for a company that would have so much global reach and operating effici...