No job loss at Arcelor’s Europe plants

Paris: European steel group Arcelor released details of its partnership deal with Mittal Steel, saying there would be no job losses at Arcelor's European plants.

The global steel behemoth created under the merger would be called "Arcelor-Mittal" and would be owned 50.6 percent by Arcelor shareholders and 49.4 percent by those of Mittal.

The statement said, the Arcelor board considered that in the long term the European steel maker would absorb Mittal Steel.

Arcelor-Mittal will be traded on the New York, Paris, Madrid, Amsterdam, Brussels and Luxembourg stock exchanges.

Arcelor shareholders will be offered a combination of shares (69 percent of the offer) and cash (31 percent).