International Steel Group Inc. (ISG), headquartered in

Cleveland Cleveland is a city in the U.S. state of Ohio and the county seat of Cuyahoga County. Located along the southern shore of Lake Erie, it is situated across the Canada–U.S. maritime border and approximately west of the Ohio-Pennsylvania st ...

Ohio Ohio ( ) is a U.S. state, state in the Midwestern United States, Midwestern region of the United States. It borders Lake Erie to the north, Pennsylvania to the east, West Virginia to the southeast, Kentucky to the southwest, Indiana to the ...

, was one the largest integrated steel producers in North America. It had annual raw steel production capability of 23 million net tons. In April 2005, the company was acquired by

Mittal Steel Company 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. In August ...

History

The company was formed in April 2002 by affiliates of

Wilbur Ross Wilbur Louis Ross Jr. (born November 28, 1937) is an American businessman who served as the 39th United States Secretary of Commerce from 2017 to 2021. A member of the Republican Party (United States), Republican Party, Ross was previously cha ...

. In April 2002, the company acquired the assets of bankrupt Ling-Temco-Vought (LTV), including facilities in Cleveland, Indiana Harbor and Hennepin, for $83.4 million in cash. In May 2002, ISG purchased inventories from LTV for $52.4 million in cash. In October 2002, ISG acquired an idled sheet strip mill and basic oxygen furnace in

Riverdale, Illinois Riverdale is a village in Cook County, Illinois, United States. The population was 10,663 at the 2020 census. The village shares its name with the bordering Riverdale, Chicago, Riverdale neighborhood in Chicago. History The Village of Riverdal ...

from bankrupt Acme Steel for $60.9 million in cash. In May 2003, ISG acquired the assets of bankrupt

Bethlehem Steel The Bethlehem Steel Corporation was an American steelmaking company headquartered in Bethlehem, Pennsylvania. Until its closure in 2003, it was one of the world's largest steel-producing and shipbuilding companies. At the height of its success ...

for net $822.6 million in cash, including payments of $81.6 million for transition assistance for employees represented by the United Steelworkers of America

trade union A trade union (British English) or labor union (American English), often simply referred to as a union, is an organization of workers whose purpose is to maintain or improve the conditions of their employment, such as attaining better wages ...

. The assets acquired included steelmaking and finishing facilities in Burns Harbor, Indiana; Sparrows Point, Maryland; Coatesville, Pennsylvania; and Steelton, Pennsylvania, and rolling and finishing facilities in

Conshohocken, Pennsylvania Conshohocken ( ; ) is a Borough (Pennsylvania), borough on the Schuylkill River in Montgomery County, Pennsylvania in suburban Philadelphia. Historically a large mill town and industrial and manufacturing center, after the decline of industry in ...

; Lackawanna, New York; and

Columbus, Ohio Columbus (, ) is the List of capitals in the United States, capital and List of cities in Ohio, most populous city of the U.S. state of Ohio. With a 2020 United States census, 2020 census population of 905,748, it is the List of United States ...

. In December 2003, the company became a

public company A public company is a company whose ownership is organized via shares of share capital, stock which are intended to be freely traded on a stock exchange or in over-the-counter (finance), over-the-counter markets. A public (publicly traded) co ...

via an

initial public offering An initial public offering (IPO) or stock launch is a public offering in which shares of a company are sold to institutional investors and usually also to retail (individual) investors. An IPO is typically underwritten by one or more investm ...

. In May 2004, ISG acquired the assets of bankrupt Weirton Steel, the second largest producer of tin mill products in the U.S., for $187 million in cash. In June 2004, ISG acquired the assets of bankrupt Georgetown Steel for $18 million in cash. In July 2004, ISG acquired an idled

hot-briquetted iron Direct reduced iron (DRI), also called sponge iron, is produced from the direct reduction (chemistry), reduction of iron ore (in the form of lumps, pellets, or fines) into iron by a reducing atmosphere, reducing gas which contains elemental carbon ...

facility in Point Lisas,

Trinidad and Tobago Trinidad and Tobago, officially the Republic of Trinidad and Tobago, is the southernmost island country in the Caribbean, comprising the main islands of Trinidad and Tobago, along with several List of islands of Trinidad and Tobago, smaller i ...

for $18 million in cash. It was restarted in November 2004. In April 2005, the company was acquired by

. Ross personally made a $260 million profit on his $3 million investment.

References

{{Iron and steel production, state=collapsed 2002 establishments in Ohio 2003 initial public offerings 2005 disestablishments in Ohio 2005 mergers and acquisitions American companies established in 2002 ArcelorMittal Bethlehem Steel Defunct manufacturing companies based in Ohio Manufacturing companies based in Cleveland Manufacturing companies disestablished in 2005 Manufacturing companies established in 2002 Steel companies of the United States Companies formerly listed on the New York Stock Exchange