Mittal Steel Company
 | |
| Industry | Steel |
|---|---|
| Founded | 1989 as Ispat International in Sidoarjo, Indonesia |
| Founder | Lakshmi Mittal |
| Defunct | August 1, 2006 (acquired Arcelor to form ArcelorMittal) |
| Successor | ArcelorMittal |
| Headquarters | Rotterdam, Netherlands |
Area served | Worldwide |
Key people | Lakshmi Mittal (Chairman & CEO) |
| Products | Steel, flat steel products, coated steel, tubes and pipes |
| Revenue |  US$28.132 billion (2005) |
| $4.746 billion (2005) | |
| $3.365 billion (2005) | |
Number of employees | 320,000 (2006) |
Mittal Steel Company N.V., incorporated in the Netherlands and headquartered in the United Kingdom, was a steel producer. In 2006, it produced 110.5 million tonnes of steel and had annual production capacity of 138 million tons of steel.[1] In August 2006, it acquired Arcelor to form ArcelorMittal.
The company was named Ispat International N.V. until a merger with LNM Holdings N.V. in 2004.[1]
As of 2006, the company was 44.79% owned by Lakshmi Mittal and his family and 54.74% of the company was publicly traded.[1]
History
[edit]Mittal Steel Company is a successor to a business founded in 1989 by Lakshmi Mittal.[1]
In 1989, the company leased Iron & Steel Company of Trinidad & Tobago from its government.[2]
In 1992, the company acquired Sibalsa from the government of Mexico.[3]
In 1994, the company acquired Sidbec-Dosco.[4]
In 1995, the company acquired Hamburger Stahlwerke, which formed Ispat International Ltd. and Ispat Shipping, and also bought Karmet Steel of Temirtau, Kazakhstan.[4]
In 1996, the company acquired Irish Steel.[5]
It also acquired Walzdraht Hochfeld and Stahlwerk Ruhrort.[4]
In 1997, the company became a public company via an initial public offering.
In 1998, the company acquired Inland Steel Company.[4]
In 1999, the company acquired Unimétal.[4]
In 2001, the company acquired ALFASID and Sidex.[4]
In 2004, it bought a majority stake in Iscor, renamed Mittal Steel South Africa.[6]
In 2004, the company acquired Polskie Huty Stali, BH Steel, and certain Macedonian facilities from Balkan Steel.[4]
In 2004, it merged with LNM Holdings and was renamed Mittal Steel.[4][1]
In January 2005, the company acquired Tadeusz Sendzimir Steelworks.[7]
In 2005, the company acquired International Steel Group.[4]
In 2005, the company announced a $9 billion investment in Jharkhand, India.
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 July 2006, the company announced plans to build a 12 million tonne capacity steel plant in Odisha, India.[8]
In August 2006, the company acquired Arcelor in a $33 billion transaction to form ArcelorMittal, which owned 10% of steel capacity worldwide.[1][9] The merger was consummated after Mittal Steel raised its bid for Arcelor and the Mittal family agreed to relinquish its controlling stake in the company and execute a standstill agreement not to acquire a controlling interest without approval from independent directors.[10][11][12][13]
References
[edit]- ^ a b c d e f "Mittal Steel Company N.V. 2006 Form 20-F Annual Report". U.S. Securities and Exchange Commission.
- ^ "A new plan for iron and steel". Trinidad and Tobago Newsday. 15 June 2023.
- ^ "Giant steps". The Globe and Mail. January 28, 2006.
- ^ a b c d e f g h i "FACTBOX-Mittal Steel's saga of acquisitions". Reuters. August 9, 2007.
- ^ "New name as Irish Steel sold for £1". The Irish Times. 31 May 1996.
- ^ "Iscor to become Mittal Steel SA". Steel Orbis. March 3, 2005.
- ^ JARAUSCH, KONRAD H. (2015). "Out of Ashes: A New History of Europe in the Twentieth Century" – via JSTOR.
- ^ "Mittal plans 12 mn tonne steel plant in Orissa". The Times of India. July 7, 2006.
- ^ "ArcelorMittal Deal A Steal For Severstal". Forbes. March 21, 2008.
- ^ "Mittal Steel raises Arcelor bid". Al Jazeera English. May 19, 2006.
- ^ Timmons, Heather; Kramer, Andrew (May 19, 2006). "Mittal Steel raises its bid for Arcelor". The New York Times. London.
- ^ Kanter, James; Timmons, Heather; Giridharadas, Anand (25 June 2006). "Arcelor agrees to Mittal takeover". The New York Times.
- ^ "Steel firm opts for Mittal offer". BBC News. 25 June 2006.
| Iron production (Ironworks) |
|  | |||||||
|---|---|---|---|---|---|---|---|---|---|
| Steelmaking (Steel mill) |
| ||||||||
| Heat treatment methods |
| ||||||||
| Production by country | |||||||||
| International | |
|---|---|
| National | |
- ArcelorMittal
- 2006 disestablishments in the Netherlands
- Defunct companies of the Netherlands
- Dutch companies disestablished in 2006
- Dutch companies established in 1989
- Manufacturing companies based in Rotterdam
- Manufacturing companies disestablished in 2006
- Manufacturing companies established in 1989
- Multinational companies headquartered in the Netherlands
- Steel companies of the Netherlands