Saturday, March 25 2006 11:03 Hrs (IST) - World Time -

London: Hours after Luxembour Government ruled out selling its shares in Arcelor steel company in near future, for which NRI Steel tycoon Laksmi Mittal has made an unsolicited bid, Mittal Industries yesterday (Mar 24, 2006) said it was confident that shareholders of Arcelor would see the benefits of the buyout.

"We continue to believe in the benefits of consolidation and are confident that the shareholders of Arcelor would see the benefits that would accrue in terms of value," a spokesperson of Mittal Industries told sources here.

Earlier, Guy Schulles, spokesperson of Luxembourg government, told sources over telephone from Brussels that, "There is no reason to sell the Arcelor shares in the near future".