Court backs Mittal in dispute with ThyssenKrupp over Dofasco sale

0 Comments | AFP, January, 2007

ROTTERDAM, The Netherlands (AFP) — Steel giant Arcelor Mittal will be able to keep control over profitable Canadian steelmaker Dofasco after a Dutch court sided with Mittal in its dispute with German ThyssenKrupp. The court ruled Tuesday that Mittal, which last June acquired the European steel giant Arcelor and is now known as Arcelor Mittal, cannot be obliged to sell Dofasco to ThyssenKrupp.

The German steelmaker had taken legal action to acquire Dofasco. Dofasco is one of the most profitable north American steelmakers, providing steel to the automobile industry and with Japanese Honda as one of their biggest clients. Prior to its merger with Mittal, Arcelor, which had bought Dofasco in January 2006, transferred its shares in the Canadian company to an independent...