U.S. stocks sink on inflation worries
New York: U.S. stocks fell on Monday amid worries about rising interest rates and slower economic growth. The Nasdaq also suffered its seventh straight day of losses. Shares of energy giant Exxon Mobil Corp and ConocoPhillips also slid as crude oil futures fell more than $1 a barrel.

The Dow Jones industrial average closed down 99.34 points, or 0.91 percent, at 10,792.58. The Standard & Poor's 500 Index was down 15.90 points, or 1.27 percent, at 1,236.40. The Nasdaq Composite Index was down 43.74 points, or 2.05 percent, at 2,091.32.

Trading was active on the New York Stock Exchange and about 1.62 billion shares changed hands, in line with the 1.61 billion daily average for last year. On Nasdaq, about 1.9 billion shares changed hands, above the 1.8 billion daily average last year. 80 per cent of shares declined while 20 per cent rose on both the Nasdaq and New York Stock.
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Mittal will not improve offer for Arcelor take-over
London: After its 25-billion euro bid to acquire rival steel giant Arcelor was rejected, Mittal Steel said it had not made any improved offer nor has any intention to do so.

A statement from the company said, "Mittal Steel has not made any proposal to improve the financial terms of its offer and has no intention to do so. We have made a very compelling offer to shareholders offering a 70 per cent premium to the pre-offer all-time high share price of Arcelor," the world's largest steel maker, said.

Raising doubts over Arcelor's statement that the transaction for Russian steel group Severstal valued Arcelor at 44 Euro per share, Mittal Steel said that this was without market substantiation.
Earlier, Arcelor had said in its statement that its Board "unanimously rejected Mittal's offer, since it was inadequate as it continues to undervalue Arcelor."
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