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Mittal Steel Company NV, the world’s No. 1 steelmaker, offered a whooping $22.7 billion for its biggest rival, Luxembourg-based Arcelor SA, thwarting its target’s approved, $4.8 billion acquisition of Canada’s Dofasco Inc. Mittal also cooked up a deal with ThyssenKrupp AG to sell it all Dofasco common shares for C$68 per share. Before the Arcelor-Dofasco union was agreed upon Tuesday, ThyssenKrupp had been in heated competition with Arcelor for the Canadian company. Should Mittal’s unsolicited offer be approved, it would be the largest transaction in the history of steel. The world’s largest steel company would expand to create the first producer to churn out more than 100 million tons of steel, to have a market cap of nearly $40 billion and to control 10% of the world market. That’s one big company. — Carolyn Murphy Mittal swoops on Arcelor
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High drama engulfs the steel industry this morning. 
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