British Steel set to go Dutch

Saturday 05 June 1999 00:02 BST

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BRITISH STEEL and Dutch steel maker Hoogovens will on Monday to unveil a merger to create a European steel giant with annual sales of pounds 10bn.

Hoogovens said it would hold a news conference in Amsterdam on Monday morning. British Steel, which did not comment, is expected to make a statement to the London Stock Exchange at the same time. British Steel shares have gained 20 per cent since the firms said on Wednesday they were in talks. They shaded 0.25p yesterday to close at 161.75p; Hoogovens rose 4 per cent to 44.90 euros (pounds 29).

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