Four of the seven banks that advised steelmaker Mittal on its merger with Luxembourg-based rival Arcelor have won lucrative merger and acquisition mandates since the tie-up was completed last year, while the others have not worked on a single deal.

Goldman Sachs has worked on $7.5bn (€5.1bn) of acquisitions for Arcelor Mittal, more than any other adviser. Citigroup was next, followed by Credit Suisse and Santander.