DETROIT -- Arcelor SA, the world's second-largest steel maker, has made a $3.8 billion cash offer for a share of the North American automotive steel market, a spokesman said.
Arcelor SA on Wednesday launched a hostile takeover of Canada-based Dofasco Inc. Dofasco has rebuffed Arcelor in the past. Dofasco is a major supplier of galvanized automotive sheet steel. It posted sales of $3.5 billion last year.
Arcelor CEO Guy Dolle said in a statement: "Dofasco's leadership in the North American automotive market is highly complementary with Arcelor's strategy to expand its foothold in this significant market."
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