Times recently reported that Mr LN Mittal president & CEO of ArcelorMittal said that the prospect of a merger between Rio Tinto and BHP Billiton would not affect his company and that any merger is an endorsement for ArcelorMittal’s strategy of vertical integration.

Mr Mittal told The Times that “About 45% of our iron ore supplies comes from our own mines. By 2012 we want that figure to be about 75%. If it happens, this merger just reinforces that that strategy is the correct one. We have not seen a formal offer yet and we are keeping an eye on this, but so far no one from BHP Billiton has had any communication with us.”

He added that a merger between the rival mining groups would give the new company about 27% of the world market for iron ore and has excited concern in the steel industry, particularly in China.