Every Other Arcelor Employee is Now a Shareholder of the Group.LUXEMBOURG -- Following a program designed to allow Arcelor (ISIN Isin (ĭs`ĭn), capital of an ancient Semitic kingdom of N Babylonia. The city became important after the third dynasty of Ur fell to the Elamites and the Amorites (c.2025 B.C.). The phase from c.2025–c.1763 B.C. :LU0140205948) (Pink Sheets:ARLOF) (Paris:LOR LOR Letter Of Reprimand (military) LoR Lord of the Rings (J.R.R. Tolkien) LOR Learning Object Repository LOR Linux.Org. ) employees to become shareholders of the company launched in 12 countries, around 50% of Arcelor's employees in these countries will now be shareholders of the company. The subscription period ran from May 8 to May 31. Around 2.8 million shares, representing 0.42% of Arcelor's capital, were subscribed, which will take the stake held by employees to almost 1.4%. Arcelor's CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Guy Dolle commented on the outcome of this program saying: "This is a clear vote of confidence of Arcelor's employees in our company, in our business model, in our values and in our principles of responsibility. The very high level of subscription, at a time when the company is the target of a hostile takeover Hostile Takeover A takeover attempt that is strongly resisted by the target firm. Notes: Hostile takeovers are usually bad news, as the employee moral of the target firm can quickly turn to animosity against the acquiring firm. bid, signals the strong sense of solidarity of our associates with our efforts to guarantee sustained value creation by Arcelor". The shares acquired under this program will remain embargoed according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. local laws and regulations. About Arcelor Arcelor is the number one steel company in the world with a turnover of 32.6 billion euros in 2005. The company holds leadership positions in its main markets: automotive, construction, household appliances and packaging as well as general industry. The company - number one steel producer in Europe and Latin America Latin America, the Spanish-speaking, Portuguese-speaking, and French-speaking countries (except Canada) of North America, South America, Central America, and the West Indies. - ambitions to further expand internationally in order to capture the growth potential of developing economies and offer technologically advanced steel solutions to its global customers. In 2006, Arcelor employs 110,000 associates in over 60 countries. The company places its commitment to sustainable development at the heart of its strategy and ambitions to be a benchmark for economic performance, labour relations and social responsibility. For more information visit www.arcelor.com |
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