Luxembourg based steelmaker, Arcelor announced that they have formally rejected Mittal Steel’s offer. Mittal Steel made an unsolicited takeover offer for the world’s second largest steelmaker. They later revised the offer. The Arcelor Board of Directors met on Sunday to discuss the new revised offer but it was unanimously rejected. Furthermore the board has also made the recommendation to all shareholders that they support the company’s proposed merger with Russia’s Severstal. According to a statement released by Arcelor on Monday, the Board unanimously concluded that the current offer on the table from Mittal is undervaluing Arcelor. Arcelor considers the possible merger with Severstal to be a better move viewed from a strategic, financial as well as social perspective. (June 12)