A tie-up between Arcelor and Mittal Steel would create a global giant

However, the Luxembourg-based firm said it would only do so once Mittal's new bid had been approved by regulators.

A tie-up between Arcelor and Mittal would create the world's biggest steel company, with control of about 10% of the global market.

Arcelor's board has so far strongly opposed Mittal's takeover offer.

But the company's latest comments raises the prospects that it may at least be considering talks with its suitor.

"The board of directors will examine the contents of Mittal Steel's revised offer as soon as it shall have been approved by the CSSF [Luxembourg's financial regulator]," Arcelor chairman Joseph Kinsch said.

"The board of directors expressed its wish to examine Mittal Steel's business plan...in order to be able to assess the industrial merits as well as the value of the Mittal Steel shares offered in exchange."