The due diligence for the takeover has been completed, a source told `The Financial Express'. A team from Ispat International is doing the job.The source declined to divulge any details of the deal, but indicated that it is expected to be clinched as early as possible.

The London-based Mittal is also taking over his second plant in North America. On March 16, Mittal signed a binding letter of agreement with Inland Steel Industries Inc of the United States to acquire Inland Steel Company for a total transaction value of $1.43 billion.

Since then, Ispat International has made significant progress towards closing the transaction. Talking about some problems in connection with the United Statestakeover, the source said the United Steel Workers of America (USWA) has decided not to pursue its right to submit an offer for Inland Steel Company, and they have agreed not to prevent Inland Steel Industries from completing the acquisition by Ispat International. The company has also filed for an anti-trust clearance.

Based on current indications of the time frame for the various steps required for closing, the company anticipates to complete this acquisation in early third quarter of 1998, he said.

Mittal is also investing $175 million in upgrading Ispat Mexicana, the third largest steel producer in Mexico. This will help the Mexican subsidiary of Ispat International to increase captive supply of pellets by 0.6 million tonne, production of DRI by one million tonne and of slabs by 1.1 million tonne. The project is expected to be completed by fourth quarter of 1999.

Other subsidiaries of the company are Canada's fourth largest steel producer Sidbec-Dosco, Germany's fourth largest wire rod producer IHSWand Irish Ispat, the only steel plant in Ireland. Operations of these plants were acquired mainly in connection with privatisation of government owned steel enterprises.