Mittal Steel Company N.V., incorporated in the Netherlands and headquartered in the United Kingdom, was a

steel Steel is an alloy of iron and carbon that demonstrates improved mechanical properties compared to the pure form of iron. Due to steel's high Young's modulus, elastic modulus, Yield (engineering), yield strength, Fracture, fracture strength a ...

producer. In 2006, it produced 110.5 million tonnes of steel and had annual production capacity of 138 million tons of steel. In August 2006, it acquired

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 ...

to form

ArcelorMittal ArcelorMittal S.A. is a Luxembourg-based multinational steel manufacturing corporation, headquartered in Luxembourg City. It is ranked second on the list of steel producers behind Baowu, and had an annual crude steel production of 58 millio ...

. The company was named Ispat International N.V. until a merger with LNM Holdings N.V. in 2004. As of 2006, the company was 44.79% owned by

Lakshmi Mittal Lakshmi Niwas Mittal (; born 15 June 1950 in Sadulpur, Rajasthan, Sadulpur, Rajasthan, India) is an Indian steel magnate, based in the United Kingdom. He is the executive chairman of ArcelorMittal, the world's second largest steelmaking company ...

and his family and 54.74% of the company was publicly traded.

History

upright=1.5, lang=en, Growth of Mittal Steel's steel production, based on its acquisitions., alt=Mittal Steel Growth chart with acquired companies Mittal Steel Company is a successor to a business founded in 1989 by

. In 1989, the company leased Iron & Steel Company of Trinidad & Tobago from its government. In 1992, the company acquired Sibalsa from the

government of Mexico The Federal government of Mexico (alternately known as the Government of the Republic or ' or ') is the national government of the Mexico, United Mexican States, the central government established by its constitution to share sovereignty over the ...

. 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 landlocked country primarily in Central Asia, with a European Kazakhstan, small portion in Eastern Europe. It borders Russia to the Kazakhstan–Russia border, north and west, China to th ...

. In 1996, the company acquired Irish Steel. It also acquired Walzdraht Hochfeld and Stahlwerk Ruhrort. In 1997, 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 1998, the company acquired Inland Steel Company. In 1999, the company acquired Unimétal. In 2001, the company acquired ALFASID and Sidex. In 2004, it bought a majority stake in Iscor, renamed Mittal Steel South Africa. In 2004, the company acquired Polskie Huty Stali, BH Steel, and certain Macedonian facilities from Balkan Steel. In 2004, it merged with LNM Holdings and was renamed Mittal Steel. In January 2005, the company acquired Tadeusz Sendzimir Steelworks. In 2005, the company acquired

International Steel Group International Steel Group Inc. (ISG), headquartered in Cleveland, Ohio, 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 ...

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

Jharkhand Jharkhand (; ) is a States and union territories of India, state in East India, 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 ...

India India, officially the Republic of India, 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 by population (United Nations), most populous country since ...

. 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 Leonid Danylovych Kuchma (, ; born 9 August 1938) is a Ukrainian politician who was the second president of Ukraine, serving from 19 July 1994 to 23 January 2005. The only president of Ukraine to serve two terms, his presidency was marked by demo ...

was cancelled by the incoming government of President

Viktor Yushchenko Viktor Andriiovych Yushchenko (, ; born 23 February 1954) is a Ukrainian politician who was the third president of Ukraine from 23 January 2005 to 25 February 2010. He aimed to orient Ukraine towards Western world, the West, European Union, and N ...

. In July 2006, the company announced plans to build a 12 million tonne capacity steel plant in

Odisha Odisha (), formerly Orissa (List of renamed places in India, the official name until 2011), is a States and union territories of India, state located in East India, Eastern India. It is the List of states and union territories of India by ar ...

, India. In August 2006, the company acquired

in a $33 billion transaction to form

, which owned 10% of steel capacity worldwide. 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.

References

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