Mittal Steel Company N.V. was an Indian company and one of the world's largest

steel Steel is an alloy made up of iron with added carbon to improve its strength and fracture resistance compared to other forms of iron. Many other elements may be present or added. Stainless steels that are corrosion- and oxidation-resistan ...

producers by volume and turnover. After a merger in 2005, it is now part of

ArcelorMittal ArcelorMittal S.A. is a Luxembourgian multinational steel manufacturing corporation headquartered in Luxembourg City. It was formed in 2006 from the takeover and merger of Arcelor by Indian-owned Mittal Steel. ArcelorMittal is the second ...

History

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 Industires 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 Kazakhstan, officially the Republic of Kazakhstan, is a transcontinental country located mainly in Central Asia and partly in Eastern Europe. It borders Russia to the north and west, China to the east, Kyrgyzstan to the southeast, Uzbeki ...

. Between 1996 and 1997, the company acquired Irish Steel Limited, Walzdraht Hochfeld GmbH and Stahlwerk Ruhrort. In 1997, the company went public as Ispat International NV. In 1998, the company acquired

Inland Steel Company The Inland Steel Company was an American steel company active in 1893–1998. Its history as an independent firm thus spanned much of the 20th century. It was headquartered in Chicago at the landmark Inland Steel Building. Inland Steel was an ...

. 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 Katowice Steelworks (Polish: ''Huta Katowice'') is a large steel plant, located in southern Poland, on the boundary between the historical provinces of Lesser Poland and Upper Silesia. The current name of the plant is ArcelorMittal Poland Dąbro ...

, BH Steel, and certain Macedonian facilities from Balkan Steel. In 2005, the company hired

Deloitte Deloitte Touche Tohmatsu Limited (), commonly referred to as Deloitte, is an international professional services network headquartered in London, England. Deloitte is the largest professional services network by revenue and number of professio ...

as the primary auditors for the company. In 2005, the company acquired International Steel Group. In 2005, the company acquired

Kryvorizhstal ArcelorMittal Kryvyi Rih (former Kryvorizhstal ( uk, Криворіжсталь) is Ukraine's largest integrated steel company, founded in 1934 and located in Kryvyi Rih, in central Ukraine. Bought in 2005 by Mittal Steel, the steel plant is ...

. In 2005, the company announced the investment of $9 billion in

Jharkhand Jharkhand (; ; ) is a state in eastern India. The state shares its border with the states of West Bengal to the east, Chhattisgarh to the west, Uttar Pradesh to the northwest, Bihar to the north and Odisha to the south. It has an area of . I ...

India India, officially the Republic of India (Hindi: ), is a country in South Asia. It is the List of countries and dependencies by area, seventh-largest country by area, the List of countries and dependencies by population, second-most populous ...

. In 2006, the company merged with

Arcelor Arcelor S.A. was the world's largest steel producer in terms of turnover and the second largest in terms of steel output, with a turnover of €30.2 billion and shipments of 45 million metric tons of steel in 2004. The company was created in 2002 ...

after much controversy. In 2006, the company announced investment for a 12 million tonne capacity steel plant in

Odisha Odisha (English: , ), formerly Orissa ( the official name until 2011), is an Indian state located in Eastern India. It is the 8th largest state by area, and the 11th largest by population. The state has the third largest population of ...

, India.

Company

CEO

Lakshmi Mittal Lakshmi Niwas Mittal (; born 15 June 1950) is an Indian steel magnate, based in the United Kingdom. He is the Executive Chairman of ArcelorMittal, the world's second largest steelmaking company, as well as Chairman of stainless steel manufacture ...

's family owned 88% of the company. Mittal Steel was based in

Rotterdam Rotterdam ( , , , lit. ''The Dam on the River Rotte (river), Rotte'') is the second largest List of cities in the Netherlands by province, city and List of municipalities of the Netherlands, municipality in the Netherlands. It is in the Prov ...

but managed from

London London is the capital and List of urban areas in the United Kingdom, largest city of England and the United Kingdom, with a population of just under 9 million. It stands on the River Thames in south-east England at the head of a estuary dow ...

by Mittal and his son

Aditya Surya (; sa, सूर्य, ) is the sun as well as the solar deity in Hinduism. He is traditionally one of the major five deities in the Smarta tradition, all of whom are considered as equivalent deities in the Panchayatana puja and a ...

. It was formed when Ispat International N.V. acquired

LNM Holdings 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. History Mittal Steel Company was formed as Ispat International in 19 ...

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

, with the new company to be called ArcelorMittal. The takeover has been successfully approved by shareholders and directors of Arcelor making L.N. Mittal the largest steel maker in the world.

Bids and acquisitions

In October 2005 Mittal Steel acquired

Ukrainian Ukrainian may refer to: * Something of, from, or related to Ukraine * Something relating to Ukrainians, an East Slavic people from Eastern Europe * Something relating to demographics of Ukraine in terms of demography and population of Ukraine * So ...

steel manufacturer

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 Leonid Danylovych Kuchma ( uk, Леоні́д Дани́лович Ку́чма; born 9 August 1938) is a Ukrainian politician who was the second president of Ukraine from 19 July 1994 to 23 January 2005. Kuchma's presidency saw numerous corru ...

was cancelled by the incoming government of President

Viktor Yushchenko Viktor Andriyovych Yushchenko ( uk, Віктор Андрійович Ющенко, ; born 23 February 1954) is a Ukrainian politician who was the third president of Ukraine from 23 January 2005 to 25 February 2010. As an informal leader of th ...

. 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 (

€ The euro sign () is the currency sign used for the euro, the official currency of the eurozone and unilaterally adopted by Kosovo and Montenegro. The design was presented to the public by the European Commission on 12 December 1996. It consists o ...

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.

References

{{Authority control . Manufacturing companies based in Rotterdam Defunct companies of the Netherlands Steel companies of the Netherlands Manufacturing companies established in 1989 Manufacturing companies disestablished in 2006 2006 disestablishments in the Netherlands Multinational companies headquartered in the Netherlands Dutch companies disestablished in 2006 Dutch companies established in 1989

History

Company

Bids and acquisitions

See also

References