Mittal's take on the Corus deal

Davos: The results of the bidding for Anglo-Dutch steel maker Corus will be decided soon eight rounds of bidding are to take place and discussions with the takeover suitors are on.

The UK takeover panel has been holding discussions with Corus as well as its two big suitors in the fray - India's Tata Steel and Brazil's CSN - who have made their submissions to the panel.

Arcelor-Mittal's Aditya Mittal, son of steel magnate Laxmi Mittal - who pulled off the audacious Arcelor acquisition last year - speaks to CNN-IBN about the steel industry and the Corus bid.

Aditya Mittal: The important thing is to recognise the consolidation starting in the steel industry. We began with the Arcelor deal and it is good to see the Tatas and others trying to consolidate the steel industry. That is important to create an yearly supply, demand balance.

Vis-a-vis the Corus deal, January 29 is a very important date. That's where the panel comes in and all the bits are pieced together. There will be eight open rounds of bidding and the last round is the final round. Whoever has the highest bid in the ninth round is the winner.

Maneka Doshi, CNN-IBN What do you think of the asset and the kind of prices that we are now talking about as per the Corus deal? We have reached over 500 pence and there are some reports that this could go all the way up to 600 pence.

Aditya Mittal: In terms of price, I continuously believe that the steel industry is under-valued. Steel trades at five to six multiples, it's a much more stable industry than it was in the past and it should have a much higher valuation and should trade much higher. I think the multiples or the price, that either the Tatas or CSN ends up paying for Corus is evidence of that.

CEOs and entrepreneurs today believe in the future of the steel industry - the only difference is that the market does not.

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