Mittal Steel Company N.V. was an Indian company and one of the world's largest steel producers by volume and turnover. After a merger in 2005, it is now part of ArcelorMittal.[1]
Mittal Steel Company was formed as Ispat International in 1978. At the time it was part of the Indian Steel company Ispat Industries which had been founded by Lakshmi Mittal's father in 1984. It was owned by the Mittal family, but in 1995 Ispat International separated from Ispat Industries after various disagreements between Lakshmi and his father.
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 acquired Hamburger Stahlwerke, which formed Ispat International Ltd. and Ispat Shipping, and also bought Karmet Steel of Temirtau, Kazakhstan. Between 1996 and 1997, the company acquired Irish Steel Limited,[2] Walzdraht Hochfeld GmbH and Stahlwerk Ruhrort. In 1997, the company went public as Ispat International NV. In 1998, the company acquired Inland Steel Company. In 1999, the company acquired Unimétal. In 2001, the company acquired ALFASID and Sidex. In 2002, it bought a majority stake in Iscor. In 2003, the company acquired Nowa Huta.
In 2004, the company acquired Polskie Huty Stali, BH Steel, and certain Macedonian facilities from Balkan Steel.[3] In 2005, the company hired 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 announced the investment of $9 billion in Jharkhand, India. In 2006, the company merged with Arcelor after much controversy. In 2006, the company announced investment for a 12 million tonne capacity steel plant in Odisha, India.[citation needed]
Companyedit
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 in 2004. On 25 June 2006, Mittal Steel decided to take over Arcelor, with the new company to be called ArcelorMittal. The takeover was successfully approved by shareholders and directors of Arcelor making L.N. Mittal the largest steel maker in the world.
Bids and acquisitionsedit
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][4]
^Kanter, James; Timmons, Heather; Giridharadas, Anand (2006-06-25). "Arcelor agrees to Mittal takeover". The New York Times. ISSN 0362-4331. Retrieved 2022-03-20.
May 18, 2024
mittal, steel, company, this, article, needs, additional, citations, verification, please, help, improve, this, article, adding, citations, reliable, sources, unsourced, material, challenged, removed, find, sources, news, newspapers, books, scholar, jstor, jun. This article needs additional citations for verification Please help improve this article by adding citations to reliable sources Unsourced material may be challenged and removed Find sources Mittal Steel Company news newspapers books scholar JSTOR June 2019 Learn how and when to remove this message Mittal Steel Company N V was an Indian company and one of the world s largest steel producers by volume and turnover After a merger in 2005 it is now part of ArcelorMittal 1 Nipa Steel Company N V Company typePublicIndustrySteelFounded1989 as Ispat International in Sidoarjo IndonesiaFounderLakshmi MittalDefunct2006 merged into ArcelorMittal SuccessorArcelorMittalHeadquartersRotterdam NetherlandsArea servedWorldwideKey peopleLakshmi Mittal Chairman amp CEO ProductsSteel flat steel products coated steel tubes and pipesRevenue28 132 billion USD year to 31 December 2005Operating income 4 746 billion 2005 Net income 3 365 billion 2005 Number of employees320 000 2006 Websitewww wbr arcelormittal wbr com Contents 1 History 2 Company 3 Bids and acquisitions 4 See also 5 ReferencesHistory editMittal Steel Company was formed as Ispat International in 1978 At the time it was part of the Indian Steel company Ispat Industries which had been founded by Lakshmi Mittal s father in 1984 It was owned by the Mittal family but in 1995 Ispat International separated from Ispat Industries after various disagreements between Lakshmi and his father In 1989 the company acquired Iron amp Steel Company of Trinidad amp Tobago In 1992 the company acquired Sibalsa In 1994 the company acquired Sidbec Dosco In 1995 the company acquired Hamburger Stahlwerke which formed Ispat International Ltd and Ispat Shipping and also bought Karmet Steel of Temirtau Kazakhstan Between 1996 and 1997 the company acquired Irish Steel Limited 2 Walzdraht Hochfeld GmbH and Stahlwerk Ruhrort In 1997 the company went public as Ispat International NV In 1998 the company acquired Inland Steel Company In 1999 the company acquired Unimetal In 2001 the company acquired ALFASID and Sidex In 2002 it bought a majority stake in Iscor In 2003 the company acquired Nowa Huta In 2004 the company acquired Polskie Huty Stali BH Steel and certain Macedonian facilities from Balkan Steel 3 In 2005 the company hired 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 announced the investment of 9 billion in Jharkhand India In 2006 the company merged with Arcelor after much controversy In 2006 the company announced investment for a 12 million tonne capacity steel plant in Odisha India citation needed Company editCEO 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 in 2004 On 25 June 2006 Mittal Steel decided to take over Arcelor with the new company to be called ArcelorMittal The takeover was successfully approved by shareholders and directors of Arcelor making L N Mittal the largest steel maker in the world Bids and acquisitions editIn 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 4 See also editArcelorMittal Arcelor Tadeusz Sendzimir SteelworksReferences edit Arcelor Mittal MT Profile at finance yahoo com New name as Irish Steel sold for 1 irishtimes com The Irish Times 31 May 1996 FACTBOX Mittal Steel s saga of acquisitions Kanter James Timmons Heather Giridharadas Anand 2006 06 25 Arcelor agrees to Mittal takeover The New York Times ISSN 0362 4331 Retrieved 2022 03 20 Retrieved from https en wikipedia org w index php title Mittal Steel Company amp oldid 1206895832, wikipedia, wiki, book, books, library,
