Mordashov, perhaps mindful of the cool reception given in May to the Severstal merger by Arcelor's rebel shareholders, also confirmed his intention not to increase his shareholding in Arcelor above 33.3%, without making a mandatory tender offer to all shareholders--in accordance with Luxembourg law.

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While the Senate passed a bill in March in a bipartisan 72-24 vote, the House has only a shell bill to offer, plus its "non-negotiable" insistence on mandatory approval of Keystone XL. The Senate majority has its own bazooka: a presidential veto if Keystone XL is in the bill.

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