Arcelor, the European steel group fighting off a hostile €20bn (£14bn) bid from Mittal, is to raise prices for its flat products, used by the car industry, by up to €70 a tonne from July 1.
The increase on the current price of €400 a tonne is taken by Arcelor as evidence that the steel market has restabilised after a fall last year.
Michael Wurth, deputy chief executive, expressed confidence that shareholders would back Arcelor's defence tactics, including the decision to place Dofasco, the Canadian steel firm, in the hands of a trust to prevent its resale, at the group's annual meeting tomorrow.
