Wednesday, June 21 2006 17:49 Hrs (IST) - World Time -

New York: Seeking to woo Arcelor shareholders, steel magnate L N Mittal has said Arcelor's merger with Mittal Steel would go a long way in consolidating the global steel industry and ensure its stability and sustainability.

"They (both the companies) are complementary to each other. They have a lot of synergies. They share the same region," he said, addressing the Steel Success Conference organised by the World Steel Dynamics here last evening.

"I think no other company can match Mittal Steel and Arcelor for the future of the industry. We need more companies to consolidate," Mittal said.

His comments came even as his company admitted in a statement yesterday that acquisition of the European steelmaker remained uncertain despite a move by Arcelor to delay a stock buyback plan that favoured Russia's Severstal.

Continued consolidation was propelling the industry towards stability and sustainability, he said at the conference that was attended by 1,300 delegates from the global steel industry.

Later, Mittal told sources that talks with Arcelor would continue for a few more days.

However, he did not have plans to meet Arcelor CEO Guy Dolle, who is also attending the event, regarding his bid.

Mittal congratulated the event organisers for "The hat-trick they have managed to pull off, getting Guy Dolle, Alexei Mordashov (Severstal chief) and myself in the same room on the same day".