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This is part of a case series. There are two cases. Both concern the six-month battle in 2006 to create the steel group, Arcelor Mittal, by far the largest steel company in the world, combining as it did the two largest companies. The takeover was of interest because it was the focus of three bitter debates: shareholder interests versus stakeholder interests, European champions versus global champions and the merits of either, and financial strategy versus industrial strategy The first case concentrates essentially on the political, financial and environmental issues (all in the wide sense) of the takeover. The second case looks more deeply at the specifically steel (and hence industrial) issues. The cases are aimed at MBA students, and at students in executive programmes. The cases form a platform for analysing the business, markets and politics with a view to the future, and how they impinge on company strategy. The second case is a vehicle for discussing the components of company and industrial strategy.