Mittal Steel Company
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Sidoarjo, Indonesia | |
Founder | Lakshmi Mittal |
---|---|
Defunct | 2006 (merged into 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 | 28.132 billion USD year to 31 December 2005 |
$4.746 billion (2005) | |
$3.365 billion (2005) | |
Number of employees | 320,000 (2006) |
Website | www |
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]
History
Mittal Steel Company was formed as Ispat International in 1978. At the time it was part of the Indian Steel company
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
Company
CEO
Bids and acquisitions
In October 2005 Mittal Steel acquired
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
References
- ^ 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".
- ISSN 0362-4331. Retrieved 2022-03-20.