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 PARIS (AP) - Steel magnate Lakshmi Mittal went on a charm offensive Monday to calm misgivings over his 18.6 billion euro ($22.5 billion) unsolicited offer for Arcelor SA — as the smaller steelmaker went on the attack.
The Mittal Steel Co. chairman and CEO pledged to create a European champion, protect European jobs and respect European labor conditions. Arcelor warned against its predator's "irregular" profitability, pledging to consider "all options" to foil the hostile bid.
"Mittal is committed to the social policies and commitments that Arcelor has implemented," Lakshmi Mittal said. "Regarding employment, this merger is not about job reductions."
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