BRUSSELS, June 25 (Xinhua) -- European steel maker Arcelor has agreed to a 100 percent takeover bid made by world sector leader Mittal Steel to create a global steel giant, its chairman said on Sunday.

    "At the end, it was decided unanimously by the Arcelor board that (it will) recommend the new offer of Mittal Steel," Joseph Kinsch told reporters.

    He added that Mittal's improved offer was a 10 percent premium over the one it had previously submitted.

    "We concluded that Mittal Steel's was a better offer than that of Severstal," he said, adding that the new company would be called Arcelor Mittal. Enditem

Joseph Kinsch, Chairman of Arcelor board of directors, gives a press conference in Luxembourg June 25, 2006. (Xinhua/AFP Photo)