Steel pill

22 March 2006 By Hugo Dixon

Reports that Russia s third richest man, Vladimir Lisin, wants a 15% stake in the Luxembourg steel company are faintly worrying. If he buys in the market, fine. But if Arcelor sells him shares, that could block Mittal s hostile bid, hurting other shareholders.

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Vladimir Lisin, owner of steel company NLMK, is interested in purchasing a 15% stake in Arcelor, according to Russian newspaper reports. NLMK is Russia's thirdlargest steel producer by output.

Lisin is ranked Russia's third richest man by Forbes magazine. A spokesman for Lisin said: as a matter of policy the company does not comment on rumour or speculation.

Arcelor is currently the subject of an E19bn hostile takeover from Mittal. Both companies also declined to comment on the report.

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