ArcelorMittal S.A. is a Luxembourg-based multinationalsteel manufacturing corporation headquartered in Luxembourg City. It was formed in 2006 from the takeover and merger of Arcelor by Indian-owned Mittal Steel.[3] ArcelorMittal is the second largest steel producer in the world, with an annual crude steel production of 78 million metric tonnes as of 2022[update].[5] It is ranked 197th in the 2022 Fortune Global 500 ranking of the world's largest corporations. It employs around 154,000 people[6] and its market capital is $20 billion.[7] The total value of company assets is estimated to be around $94 billion.
ArcelorMittal was formed from the acquisition of Arcelor by Mittal Steel; Mittal Steel was in turn formed from the merger of ISPAT International and LNM Holdings.[8] The company traces its history back to 1976.[9]
2006–2008: Formation and scalebacks
ArcelorMittal was created by the takeover of Western European steel maker Arcelor (Spain, France, and Luxembourg) by Indian-owned multinational steel maker Mittal Steel in 2006, at a cost of €40.37 per share, approximately $33billion total. Mittal Steel launched a hostile takeover bid, which replaced a previously planned merger between Arcelor and Severstal that had lacked sufficient shareholder approval.[10]
The resulting merged business was named ArcelorMittal and was headquartered in Luxembourg City.[11][12] The resulting firm produced approximately 10% of the world's steel, and was by far the world's largest steel company. Total revenues in 2007 were $105 billion.[13][14]
By February 2008, the company had 320,000 employees in 60 countries.[14] In October 2008, the market capitalisation of ArcelorMittal was over $30 billion,[15] after peaking at $32.5 billion in September 2008.[3] At the end of 2008, the company reported operating income of around $12 billion.[16]
In December 2008, ArcelorMittal announced several plant sales, to which it had been ordered by U.S. antitrust authorities as a condition of approval of Mittal Steel’s takeover of Arcelor SA,[17] including the Bethlehem Steel plant in Lackawanna, New York, to the Russian company Severstal.[18] Other plants were closed by the company due to economic reasons, including LTV Steel in Hennepin, Illinois.[19] After purchase of Kryvorizhstal, Ukraine's largest steel producer, employment was scaled back from 57,000 employees to 30,000.[citation needed]
2011–2014: Losses and Senegal agreement
In 2010, the company's operating income had fallen to $4.9 billion, with sales down 10 per cent from the year earlier, and income down 50 per cent as steel prices slumped.[16] In 2011, the company began curtailing its European production to match the reduced demand for steel.[16] It also sold Skyline Steel and Astralloy to a rival, Nucor, for $605 million.[16] On 26 January 2011, the stainless steel division split off as a new company, Aperam.[citation needed]As of 2012[update], due to overcapacity and reduced demand in Europe, it had idled 9 of 25 blast furnaces;[16] in October 2012 it permanently shut down two blast furnaces at Florange, France.[20] On 31 October 2012, the company reported a third-quarter loss of $709million as compared to a $659million profit for the same period a year ago, citing the slow down in China's economy.[21] In 2012 ArcelorMittal had $22billion of debt.[16]
In January 2013, ArcelorMittal bid $1.5 billion to acquire ThyssenKrupp AG's rolling mill in Calvert, Alabama, United States.[22] On 26 February 2014, ThyssenKrupp sold their Calvert carbon steel facility to ArcelorMittal and Nippon Steel for $1.55 billion,[23] as a new joint venture.[24] The facility was renamed AM/NS Calvert through the 50/50 joint partnership with Nippon Steel & Sumitomo Metal Corp.[25] The firm also entered into a $2.2 billion contract to develop an iron ore deposit in Senegal. This included construction of a 750km (466mi) railway line. After it stalled on the contract and failed to build according to schedule, the Government of Senegal sued.[26] In September 2013, the government of Senegal won a court case before an international tribunal to rescind a $2.2 billion deal with ArcelorMittal after the company suspended work on an iron ore mine in the country.[27] In June 2014, the International Chamber of Commerce's arbitration court in Paris awarded Senegal $150 million.[26]
Dealing with price and demand fluctuations in the steel market, from 2012 to 2014 ArcelorMittal restructured its European division by reducing employee numbers and closing plants.[28] In May 2014, ArcelorMittal, citing economic self-interest, declared its opposition to sanctions on Russia.[29] As of June 2014, ArcelorMittal accounted for 7 per cent of world steel production. After being shut out of the Chinese steel industry in 2005, along with other foreign companies, in 2014 the company announced it was planning new plants in China.[30] In 2014, the company had an annual crude steel production of 98.1 million tons.[5]
2008–2016: Price fixing convictions
Following an investigation first launched in 2008, in August 2016 the Competition Commission (South Africa) found the company guilty of price fixing. ArcelorMittal was fined US$110.9 million and, as part of the settlement, also agreed to invest R4.64 billion in capital over five years.[31] According to the findings, the firm had been part of a 17-member-steel group nicknamed "Club Zürich", that later became known as "Club Europe". Between January 1984 and September 2002, the companies fixed the market, prices, and exchanged confidential corporate information.[32]
2015–2016: Acquisitions
In 2015, the company had a net loss of $7.9 billion.[33] Between February 2015 and February 2016, share value dropped 60%, making the company the "worst performer" in the FTSEurofirst300 index. The CEO said the company had performed poorly in 2015 due to "Chinese exports depressing prices".[3] Early in 2016,[33] the company announced it had raised $3 billion in new investment capital to help reduce debt[34] to $11.7 billion of debt.[33] In early 2016[33] the company also announced a program to boost core profit by $3 billion by 2020 "through a mixture of cost-cutting, increased production and a focus on higher-value forms of steel". Chairman Lakshmi Mittal announced doubled earnings the following year in May 2017.[35] Along with the increase in capital, the company also sold its 35% stake in Gestamp Automacion for $979 million, with the goal of reducing ArcelorMittal's debt to less than $12 billion.[3] By February 2016, the company made about 6% of the world's steel.[3] It ranked 108th in the 2016 Fortune Global 500 ranking of the world's biggest corporations.[7]
2017: Market changes
In February 2017 ArcelorMittal announced its first annual profits in five years.[36] In February 2017, ArcelorMittal and Votorantim announced plans to combine their long steel operations in Brazil. Under the deal, Votorantim Siderurgia became a subsidiary of ArcelorMittal Brasil.[36] In late May 2017, ArcelorMittal and the Steel Authority of India Ltd (SAIL) agreed on preliminary terms to form a $913 million joint venture to export a fifth of the auto-grade steel made by the venture.[37] In March 2017, the company proposed a new US$6.5 billion steel project in Karnataka, after entering into a pact with the Karnataka government[38] in February 2017.[39] In April 2017, Sanjeev Gupta's Liberty House Group announced it had agreed to acquire ArcelorMittal's Georgetown Steelworks in South Carolina.[38] It is ranked 123 in the 2017 Fortune Global 500 ranking of the world's biggest corporations.[7]
By March 2017, ArcelorMittal was leading a consortium bidding for Ilva.[40] An Italian company, Ilva owns the Taranto steelworks in southern Italy, which has Europe's largest steel output. The steelworks had been accused of toxic emissions linked to local cancer rates, and had been nationalized by the government years prior.[41] The buyers were the AM Investco consortium, which beyond ArcelorMittal included Marcegaglia and Banca Intesa Sanpaolo.[41] In May 2017, ArcelorMittal was announced as the preferred bidder over a different consortium led by JSW Steel, after it was able to pledge a production increase and guarantee employment levels. The final decision was waiting on Italy's ministry of economic development.[42] On 5 June 2017, ArcelorMittal won approval to purchase Ilva for €1.8 billion. In its bid, AM Investco had pledged to make investments into Ilva of €2.4bn until 2023.[41] On 1 November 2018, ArcelorMittal assumed ownership of Ilva steel operations and ArcelorMittal Italia was formed.[43]
In July 2017 the company reported a 19.3 per cent year-on-year rise in its earnings for the year's second quarter. The amount was lower than predicted by analysts, with the company citing the volatility in market prices.[44] Also, in July 2017, the European Court of Justice ruled against ArcelorMittal in its lawsuit against how the EU allocates free carbon permits.[45]
2018: Black snow controversy
In January 2018, black snow fell in the city of Temirtau, Kazakhstan where an ArcelorMittal plant is located. Local citizens complained that the pollution was caused by an ArcelorMittal plant. A spokesperson for ArcelorMittal explained that the discoloration of the snow was caused by a lack of wind which would otherwise blow the pollution away.[46][47][48][49][50][51][52]
2019: Notice to terminate to Ilva
On 4 November 2019, Arcelor Mittal (Am Investco Italy) sent to Ilva's Commissioners a notice to terminate the Ilva lease agreement, citing as reasons that the Italian Parliament had removed the legal protection necessary for the company to implement its environmental plan without the risk of criminal liability and that a recent decision by the criminal court of Taranto would effectively force Mittal to close blast furnace #2 by 13 December 2019.[53] A legal and media battle with the Italian state started immediately, as Ilva is not only the single primary steel mill Mittal operates in Italy but also the largest employer in Taranto.[54]
2020: Sale of U.S. operations to Cleveland-Cliffs
On 28 September 2020, the company sold its US business to Cleveland-Cliffs for approximately $1.4 billion.[55]
2024: Acquisition
In August 2024, ArcelorMittal finalized the acquisition of a strategic stake in Vallourec, a leader in the production of seamless steel tubes. This transaction involved purchasing shares held by Apollo Global Management for a total amount of €955 million, at a price of €14.64 per share. Following this deal, ArcelorMittal now holds 28.4% of the voting rights and 27.5% of Vallourec's share capital. This move reflects a clear intent to expand its industrial portfolio while leveraging synergies between the two companies. In the short term, analysts anticipate the possibility of a takeover bid, highlighting ArcelorMittal's ambitions to further consolidate its dominance in the market. Such an initiative could provide opportunities for accelerated growth and strengthen its leadership in the face of intensified international competition.[56]
Company structure
Lakshmi Mittal (owner of Mittal Steel) is the executive chairman. His family owns 40% of the shares and voting shares in the company.[57] After a $3 billion rights issue earlier in April 2016, the company by 21 April 2016 had a share value of 16,616 million euros, distributed in 3,065,710,869 shares.[58]
As of 2012, the company had thousands of workers at 12 major facilities in the United States, in states such as Indiana, Ohio and Pennsylvania. All non-salary employees in North America, with the exception of the Dofasco facility in Hamilton, Ontario, are represented by the United Steelworkers union, the largest industrial union in North America. Also, at the time around 100,000 of the company's 260,000 employees were in Europe.[16] As of 31 December 2013, the company employed over 232,000 people, of which 37% were in the EU, with a further 16% in non-EU European countries, 17% in Asia, 16% in North America, the remainder split between South America and the Middle East and Africa.[64] ArcelorMittal is also Luxembourg's largest private employer. At the beginning of 2014, it employed 4,600 employees in the Grand Duchy.[65] By 2020 the company had over 18,000 employees in North and South America.[66]
ArcelorMittal reported Total CO2e emissions (direct + indirect) for 31 December 2020 at 150.8 Tg (teragram) (-31,100 /-17.1% y-o-y).[72] The decline accelerated compared to the CAGR of −7.2% since 4Q'18.
ArcelorMittal's Total CO2e emissions (Direct + Indirect) (in kilotonnes)
Steel being coiled at an ArcelorMittal facility in Brazil
The company is involved in research and development, mining, and steel.[76] ArcelorMittal in 2016 produced around 90 million tons of steel.[36] As of May 2017, the company made 200 unique steel grades for automotive purposes, half of which were introduced since 2007.[77] Among the steel varieties are Usibor 2000, which the company announced in June 2016 and released later that year. Upon release, the high-strength automotive steel was said to be about one-third stronger than other steels then available for carmaking.[34]
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 by a merger of the former companies Aceralia (Spain), Usinor (France) and Arbed (Luxembourg). Arcelor is now part of ArcelorMittal after a takeover by Mittal Steel in 2006.
ArcelorMittal Dofasco is a steel company based in Hamilton, Ontario, Canada. Dofasco is a standalone subsidiary of ArcelorMittal, the world's largest integrated steel producer.
Lakshmi Niwas Mittal 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 manufacturer Aperam. Mittal owns 38% of ArcelorMittal and holds a 3% stake in EFL Championship side Queens Park Rangers.
ThyssenKrupp AG is a German industrial engineering and steel production multinational conglomerate. It resulted from the 1999 merger of Thyssen AG and Krupp and has its operational headquarters in Duisburg and Essen. The company says that it is one of the largest steel producers in the world, and it was ranked tenth-largest worldwide by revenue in 2015. It is divided into 670 subsidiaries worldwide. The largest shareholders are the Alfried Krupp von Bohlen und Halbach Foundation and Cevian Capital. ThyssenKrupp's products range from machines and industrial services to high-speed trains, elevators, and shipbuilding. The subsidiary ThyssenKrupp Marine Systems also manufactures frigates, corvettes, and submarines for the German and foreign navies.
Mittal Steel Company N.V. was a European company headquartered in the United Kingdom and incorporated in the Netherlands, and one of the world's largest steel producers by volume and turnover. After a merger in 2005, it is now part of ArcelorMittal.
China Baowu Steel Group Corp., Ltd., commonly known as Baowu, is a state-owned iron and steel company headquartered in the Baosteel Tower in Pudong, Shanghai, China. The company was formed by Baosteel Group absorbing its smaller state-owned peer, Wuhan Iron and Steel Corporation in 2016. It is the world's largest steel producer.
ArcelorMittal Kryvyi Rih is Ukraine's largest integrated steel company, founded in 1934 and located in Kryvyi Rih, in central Ukraine.
Wuhan Iron and Steel Corporation (WISCO) is a Chinese state-owned enterprise. It started to operate in 1958 in Qingshan, Wuhan, Hubei, China.
Aceralia was a large Spanish steel producer formed in 1997 by restructuring of a group formed from earlier mergers of the steel producers ENSIDESA and Altos Hornos de Vizcaya. The company merged into Arcelor in 2001, and became part of ArcelorMittal in 2006.
Usinor was a French steel making group formed in 1948. The group was merged with Sacilor in 1986, becoming Usinor-Sacilor and was privatised in 1995, and renamed Usinor in 1997.
The following lists events that happened during 2006 in the Grand Duchy of Luxembourg.
Heinrich Hiesinger is a German engineer and manager who served as the CEO of ThyssenKrupp from 2011 until 2018.
The state of Alabama has invested in aerospace, education, health care, banking, and various heavy industries, including automobile manufacturing, mineral extraction, steel production and fabrication. By 2006, crop and animal production in Alabama was valued at $1.5billion. In contrast to the primarily agricultural economy of the previous century, this was only about one percent of the state's gross domestic product. The number of private farms has declined at a steady rate since the 1960s, as land has been sold to developers, timber companies, and large farming conglomerates.
Calvert is an unincorporated community and census-designated place (CDP) in Mobile and Washington counties, Alabama, United States. It is located in the extreme northeast corner of Mobile County and southeast corner of Washington County near the Tombigbee River, along U.S. Route 43. As of the 2020 census, the population of Calvert was 255.
ArcelorMittal Ghent is a Belgian steelworks situated in Ghent near Zelzate, Flanders. It was founded in 1962 by ARBED as Sidmar; the first maritime steel producer in Belgium.
Essar Steel was a common name of the steel manufacturing companies of the Essar Group of Companies. Its main subsidiary was Essar Steel India Limited, a fully integrated flat carbon steel manufacturer based in Mumbai, which owned and operated a integrated steel plant in Hazira, Surat district of Gujarat state. In addition, it had also a beneficiation plant at Bailadilla, Chhattisgarh, and pellet plants at Visakhapatnam, Andhra Pradesh, and Paradeep, Odisha.
Nippon Steel Corporation is Japan's largest steelmaker, headquartered in Chiyoda-ku, Tokyo. The company has four business segments, including steelmaking, engineering, chemicals, and system solutions. It is the largest producer of crude steel in Japan and the third largest in the world. The company is on the Forbes Global 2000 list, ranked 1971 in 2023. The company is the second incarnation of the Nippon Steel name, following the original Nippon Steel Corporation which was formed from the merger of Yamata Iron & Steel with Fuji Iron & Steel in 1950 and lasted until 2012.
ArcelorMittal Bremen is a steelworks on the banks of the River Weser in Bremen, Germany.
Ilva S.p.A. is an Italian steel company in Taranto that for much of the 20th century was Italy's largest steel producer and one of the largest in Europe. In June 2017, Arcelor Mittal became the chief shareholder. In 2020, the company returned to commissioners' management and ownership of the Italian state. On 23 April 2021, capital was infused by the government of Mario Draghi, which took a 38% share and 50% of the voting rights.
↑ Shareholding structure, 012, archived from the original on 5 October 2012, The following table sets forth information on 30 September 2012 with respect to the beneficial ownership and voting rights of ArcelorMittal shares
↑ ArcelorMittal annual review 2013, ArcelorMittal, Allocation of employees at 31 December 2013 according to geographical location, archived from the original on 8 August 2017, retrieved 30 July 2014
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US$68.275 billion (2023) [2] 
