Putin: Arcelor's refusal of merging with Severstal is dictated exclusively by business interests

President Vladimir Putin believes that Arcelor’s decision to refuse to merge with the Russian “Severstal” and choose as a partner of Mittal Steel is not connected with negative ideas about the image of Russia in the West, but is due only to business interests.

In an interview with the French television channel TF-1, Putin told how he sees an unsuccessful attempt to merge Arcelor and Severstal .

"This is primarily shareholders. To talk about some image (Russia - Ed.) - I think that it should not be here. We are just about business interests. And the arcelor or incorrectly, these are shareholders, I think they will understand a few years later," the president said.

Putin emphasized that "the company that was going to unite with Arcelor is one hundred percent private, and not state. There is not a single action that belonged to the state."

The president also added that he considers Severstal a rather transparent and rapidly developing company. Putin noted that, as far as he knows, "the proposal for unification came primarily from Arcelor himself."

The Russian president recalled that Severstal is not a beginner in the field of international absorptions - last year, according to Putin, the Russian company acquired a control package of one of the Italian companies, Interfax reports.

But at the same time, the head of Russia was forced to note that, often thanks to their experience, Western companies replay Russian partners in the field of promoting their own interests.

“I think that just like on the media field, our Western partners are much greater experts and know how to competently submit information in the promotion of which they are interested, and in the business environment our Western partners are more likely to be the best docks to protect their own interests,” the Russian president said.