The European group, ARCELOR (turnover EUR 31.3 billion with 94,000 employed and 47 million tonnes of steel produced in 2004) launched the first hostile bid of its history on Wednesday. The offer concerns DUFASCO (net profits Can$377 million in 2004 with 7,400 employed), the leading Canadian steel company. ARCELOR is proposing EUR 3.2 billion (56 Canadian cents per share), i.e. 46% more than the value of the company.