This report delves into the corporate governance aspects of the ArcelorMittal merger, examining the post-merger board structure, the influence of the Mittal family's 43.5% voting equity on institutional investor contributions, and the impacts on the effectiveness of the Mittal Steel board before and after the merger. The analysis considers the pros and cons of the board structure, the potential for significant investor involvement, and the positive and negative effects on governance effectiveness. The report assesses the challenges and opportunities presented by the merger, highlighting the importance of corporate governance in large-scale business combinations. It provides a comprehensive understanding of the governance issues that arose during the merger, offering insights into the dynamics between key stakeholders and the impact on the overall success of the combined entity.