Mittal Steel Company Totally Explained

Everything about Mittal Steel totally explained

Mittal Steel Company N.V. () was the world's largest steel producer by volume, and also the largest in turnover. Company is now part of Arcelor Mittal.
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.

History

1989: Acquisition of Iron & Steel Company of Trinidad & Tobago
1992: Acquisition of Sibalsa
1994: Acquisition of Sidbec-Dosco
1995: Acquisitions of Hamburger Stahlwerke, which formed Ispat International Ltd. and Ispat Shipping, and Karmet
1997: Acquisitions of Walzdraht Hochfeld GmbH and Stahlwerk Ruhrort
1997: Ispat International NV goes public
1998: Acquisition of Inland Steel Company
1999: Acquisition of Unimétal
2001: Acquisitions of ALFASID and Sidex
2002: Business assistance agreement signed with Iscor
2003: Acquisition of Nowa Huta
2004: Acquisitions of Polskie Huty Stali, BH Steel, Macedonian facilities from Balkan Steel. Creation of Mittal Steel
2005: Hire Deloitte as the primary auditors for the company
2005: Acquisition of International Steel Group
2005: Acquisition of Kryvorizhstal
2005: Investment of $9 billion in Jharkhand, India announced
2006: Merger with Arcelor announced and completed after much controversy
2006: Investment for 12 million tonnes capacity steel plant announced in Orissa, India

Business

Mittal steel is the world’s number one steel company, with 310,000 employees in more than 60 countries. The company was the leader in all major global markets, including automotive, construction, household appliances and packaging, with leading R&D and technology, as well as sizeable captive supplies of raw materials and outstanding distribution networks. An industrial presence in 27 European, Asian, African and American countries exposes the company to all the key steel markets, from emerging to mature, positions it'll be looking to develop in the high-growth Chinese and Indian markets.

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 Arcelor-Mittal, thus successfully ending one of the most controversial and publicised takeover bids in modern corporate history. Arcelor-Mittal is now by far the largest steelmaker in the world by turnover as well as volume, controlling 10% of the total world steel output.

Further Information

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