Mittal Steel, which is taking over rival steelmaker Arcelor, said on Tuesday it might not have to buy out minority shareholdings in Arcelor's two Brazilian subsidiaries, Acesita S.A. and Arcelor Brasil S.A., as previously expected.

In light of ... the improved offer announced on June 25 and the governance provisions of the memorandum of understanding entered into between Arcelor, Mittal Steel and Mittal Steel's controlling shareholder on the same day, Mittal Steel now believes that, while there can be no assurance, such a requirement (to buy the subsidiaries) would no longer apply, the company said in a statement.