Mittal Steel Company

Nipa Steel Company, N.V.

Industry	Steel
Founded	1989 as Ispat International in Sidoarjo, Indonesia
Founder	Lakshmi Mittal
Defunct	August 1, 2006;18 years ago (2006-08-01) (acquired Arcelor to form 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	US$28.132 billion (2005)
Operating income	$4.746 billion (2005)
Net income	$3.365 billion (2005)
Number of employees	320,000 (2006)

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]

History

Growth of Mittal Steel's steel production, based on its acquisitions.

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]}

References

1. "Mittal Steel Company N.V. 2006 Form 20-F Annual Report". U.S. Securities and Exchange Commission.
2. "A new plan for iron and steel". Trinidad and Tobago Newsday . 15 June 2023.
3. "Giant steps". The Globe and Mail . January 28, 2006.
4. "FactBox – Mittal Steel's saga of acquisitions". Reuters . August 9, 2007.
5. "New name as Irish Steel sold for £1". The Irish Times . 31 May 1996.
6. "Iscor to become Mittal Steel SA". Steel Orbis. March 3, 2005.
7. Jarausch, Konrad H. (2015). "Out of Ashes: A New History of Europe in the Twentieth Century". JSTOR   j.ctvc77dk5.
8. "Mittal plans 12 mn tonne steel plant in Orissa". The Times of India . July 7, 2006.
9. "ArcelorMittal Deal A Steal For Severstal" . Forbes . March 21, 2008.
10. "Mittal Steel raises Arcelor bid". Al Jazeera English . May 19, 2006.
11. Timmons, Heather; Kramer, Andrew (May 19, 2006). "Mittal Steel raises its bid for Arcelor" . The New York Times . London.
12. Kanter, James; Timmons, Heather; Giridharadas, Anand (25 June 2006). "Arcelor agrees to Mittal takeover". The New York Times .
13. "Steel firm opts for Mittal offer". BBC News . 25 June 2006.