Mittal Steel said that it had no plans to improve the financial terms of its offer for Arcelor and said a proposal to improve its offer related only to corporate governance.

"Mittal Steel has not made any proposal to improve the financial terms of its offer and has no intention to do so," it said in a statement. Mittal was responding to an earlier Arcelor statement saying it indicated it was prepared to improve its offer. Arcelor formally rejected Mittal Steel's 22 billion euro unsolicited takeover offer after its board met on Sunday.

"Mittal Steel would like to reaffirm that its proposal to further improve the offer in the context of a recommended transaction relates only to certain corporate governance initiatives designed to preserve and promote the Arcelor model."

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