Speaking to reporters, Marc Verwilghen said the government of Belgium's Wallon region, which owns a 2.4 per cent stake in Luxembourg-based Arcelor, would vote either for the British-Dutch venture or for the Russian steelmaker and choose the more appropriate bidder.
But, the minister, who had earlier in the day met with Russian Economic Development and Trade Minister German Gref, said Belgium sought to retain steel production and jobs on its territory.
Arcelor's board approved Sunday night a deal with world No.1 Mittal Steel, which had proposed raising its bid from 37.74 to 40.4 euros for one Arcelor share. Arcelor and Mittal Steel will hold 50.6% and 49.4%, respectively, in the new company.
The decision torpedoes a proposed merger with Severstal, which wanted a 25% stake in what would have been the world's largest steelmaker after its proposed merged, and pay 13 billion euros.
Some experts and officials in Russia said Arcelor had used talks with Severstal to make Mittal change its position in the merger talks. They criticized the Arcelor decision and suggested the move was discriminative toward Russian companies looking to European markets.
