The board of takeover target Arcelor is to meet on Sunday to assess rival bids from Mittal Steel and Russia's Severstal before making a recommendation to shareholders.
"The board has decided unanimously to meet again on Sunday June 25 at 10am [08:00 GMT] in order to take a decision regarding the latest proposals of Mittal Steel and of Mr Mordashov [owner of Severstal]," the steel giant said in a statement.
Mittal, owned by Britain-based billionaire Lakshmi Mittal, has made a €25 billion bid (£17 billion) for the firm, and may improve its offer, according to analysts.
Shares in Arcelor were suspended yesterday, pending a statement from the group on Mittal's and Severstal's positions.
Shares in the Luxembourg-based group were down 1.07 per cent at 35.02 euros in Paris at the time of their suspension.
Under its revised bid, Severstal has agreed to a 25 per cent stake in Arcelor instead of the original 32.3 per cent and pledged to raise its offer by about €2 billion.