Mittal Steel Company

Mittal Steel Company, N.V.
Type Public
Industry Steel
Successor ArcelorMittal
Founded 1976 in Calcutta, India, 1989 as Ispat International in Sumatra, Indonesia
Headquarters Rotterdam, Netherlands
Key people Lakshmi Mittal, Founder, Chairman and CEO
Products Steel, Flat Steel products, Coated Steel, Tubes and Pipes
Revenue increase $28.132 billion USD Year to 31 Dec 2005
Operating income increase $4.746 billion (2005)
Net income increase $3.365 billion (2005)
Employees 320,000 (2006)
Website Mittal Steel

Mittal Steel Company N.V. was one of the world's largest steel producers by volume, and also one of the largests in turnover. The company is now part of ArcelorMittal.[1]

CEO Lakshmi Mittal's family owned 88% of the company. Mittal Steel was based in Rotterdam but, managed from London by Mittal and his son Aditya. It was formed when Ispat International N.V. acquired LNM Holdings N.V. (both were already controlled by Lakshmi Mittal) and merged with International Steel Group Inc. (the remnants of Bethlehem Steel, Republic Steel and LTV Steel) in 2004. On 25 June 2006, Mittal Steel decided to merge with Arcelor, with the new company to be called Arcelor Mittal. The merger has been successfully approved by shareholders and directors of Arcelor making L.N. Mittal the largest steel maker in the world.

Contents

History

In 1989, the company acquired Iron & Steel Company of Trinidad & Tobago. In 1992, the company acquired Sibalsa. In 1994, the company acquired Sidbec-Dosco. In 1995, the company Acquisitions of Hamburger Stahlwerke, which formed Ispat International Ltd. and Ispat Shipping, and Karmet. In 1997, the company Acquisitions of Walzdraht Hochfeld GmbH and Stahlwerk Ruhrort. In 1997, the company Ispat International NV goes public. In 1998, the company acquired Inland Steel Company. In 1999, the company acquired Unimétal. In 2001, the company Acquisitions of ALFASID and Sidex. In 2002, the company Business assistance agreement signed with Iscor. In 2003, the company acquired Nowa Huta.

In 2004, the company Acquisitions of Polskie Huty Stali, BH Steel, Macedonian facilities from Balkan Steel. Creation of Mittal Steel. In 2005, the company Hire Deloitte as the primary auditors for the company. In 2005, the company acquired International Steel Group. In 2005, the company acquired Kryvorizhstal. In 2005, the company Investment of $9 billion in Jharkhand, India announced. In 2006, the company Merger with Arcelor announced and completed after much controversy. In 2006, the company Investment for 12 million tonnes capacity steel plant announced in Orissa, India. In 2009, the company Acquire 34% stake in Uttam Galva.

Bids and acquisitions

In October 2005 Mittal Steel acquired Ukrainian steel manufacturer Kryvorizhstal for $4.8 billion in an auction after a controversial earlier sale for a much lower price to a consortium including the son-in-law of ex-President Leonid Kuchma was cancelled by the incoming government of President Viktor Yushchenko.

In 2005 Lakshmi Mittal flew into Jharkhand, India to announce a $9 billion investment to build a greenfield steel plant with a 12 million tonnes per annum production capacity.

On 27 January 2006 it announced a $23.3 billion (18.6 billion, £12.7 billion) bid for Arcelor. On 19 May 2006 Mittal increased its offer for Arcelor by 38.7% to $32.4bn, or $47.34 per share (€25.8bn, €37.74 per share). On 25 June 2006 Arcelor, in a board meeting announced that it has accepted a further sweetened offer ($50.68 or €40.4 per share) and the new company would now be called ArcelorMittal, thus successfully ending one of the most controversial and publicised takeover bids in modern corporate history. ArcelorMittal is now by far the largest steelmaker in the world by turnover as well as volume, controlling 10% of the total world steel output. [1]

See also

References


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