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May 19 (Bloomberg) -- Mittal Steel Co. increased a hostilebid for Arcelor SA by 34 percent, seeking to strengthen its handin the steel industry''s biggest takeover after a slump in thecompany''s share price.

Mittal, based in Rotterdam, increased its offer to 37.74euros for every Arcelor share, offering investors a mix of stockand cash, it said in an e-mailed statement today. Mittal''s shareprice has fallen 13 percent since it posted its first-quarterearnings on May 12.

``He''s been undermined with his share price so he''s had todo this,'''' Stuart Fraser, investment director for Europeanequities at Standard Life Investments in Edinburgh, Scotland,which holds about 0.7 percent of Arcelor, said in a telephoneinterview today.

Mittal, the world''s largest steelmaker, yesterday submittedan unsolicited 19.2 billion-euro (24.6 billion) bid to Arcelorshareholders. That valued Arcelor at 28.32 euros a share, basedon Mittal''s closing price in New York yesterday, according toBloomberg data.