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Mittal Steel Company
1978–2006 European steel company From Wikipedia, the free encyclopedia
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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]
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History
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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]
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References
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