Mittal first unveiled its interest in Arcelor at the start of the year

Mittal suggested on Tuesday that it was prepared to both increase its offer and make its corporate structure more appealing for Arcelor.

Luxembourg-based Arcelor was not immediately available for comment, but it has so far rejected Mittal's offer.

Mittal added that its official bid for Arcelor should start next week.

Bid opposition

Mittal said it was both "prepared to revise the value of its offer" and carry out "significant corporate governance changes".

The latter could include the Mittal family giving up majority control over any merged company, something that has been a concern at Arcelor.

Arcelor's management has opposed Mittal's approach ever since it was first unveiled on 26 January.

On Monday it turned down a request by Mittal for their bosses to meet.

Arcelor said its head Joseph Kinsch would only sit down with his counterpart Lakshmi Mittal if Mittal provided more information on its approach and intentions.