Mittal Steel Company

{{Short description|1978–2006 European steel company}} {{Infobox company | name = Mittal Steel Company, N.V. | logo = Mittal Steel Company logo.svg | logo_size = 200px | successor = ArcelorMittal | foundation = 1989 as Ispat International in Sidoarjo, Indonesia | defunct = {{end date and age|2006|08|01}} (acquired Arcelor to form ArcelorMittal) | founder = Lakshmi Mittal | location = Rotterdam, Netherlands | area_served = Worldwide | key_people = Lakshmi Mittal<br/>(Chairman & CEO) | industry = Steel | products = Steel, flat steel products, coated steel, tubes and pipes | revenue = {{increase}} US$28.132 billion (2005) | operating_income = {{profit}} $4.746 billion (2005) | net_income = {{profit}} $3.365 billion (2005) | num_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.<ref name=20F/> 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.<ref name=20F>{{cite web | url=https://www.sec.gov/Archives/edgar/data/1041989/000119312507082765/d20f.htm | title=Mittal Steel Company N.V. 2006 Form 20-F Annual Report | publisher=U.S. Securities and Exchange Commission}}</ref>

As of 2006, the company was 44.79% owned by Lakshmi Mittal and his family and 54.74% of the company was publicly traded.<ref name=20F/>

==History== thumb|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 Lakshmi Mittal.<ref name=20F/>

In 1989, the company leased Iron & Steel Company of Trinidad & Tobago from its government.<ref>{{Cite news | url=https://newsday.co.tt/2023/06/15/a-new-plan-for-iron-and-steel/ | title=A new plan for iron and steel | work=Trinidad and Tobago Newsday | date=15 June 2023}}</ref>

In 1992, the company acquired Sibalsa from the government of Mexico.<ref>{{Cite news | url=https://www.theglobeandmail.com/report-on-business/giant-steps/article702666/ | title=Giant steps | work=The Globe and Mail | date=January 28, 2006}}</ref>

In 1994, the company acquired Sidbec-Dosco.<ref name=saga/>

In 1995, the company acquired Hamburger Stahlwerke, which formed Ispat International Ltd. and Ispat Shipping, and also bought Karmet Steel of Temirtau, Kazakhstan.<ref name=saga/>

In 1996, the company acquired Irish Steel.<ref>{{Cite news |url=https://www.irishtimes.com/business/new-name-as-irish-steel-sold-for-1-1.54447 | title=New name as Irish Steel sold for £1 | newspaper=The Irish Times | date=31 May 1996}}</ref>

It also acquired Walzdraht Hochfeld and Stahlwerk Ruhrort.<ref name=saga/>

In 1997, the company became a public company via an initial public offering.

In 1998, the company acquired Inland Steel Company.<ref name=saga/>

In 1999, the company acquired Unimétal.<ref name=saga/>

In 2001, the company acquired ALFASID and Sidex.<ref name=saga/>

In 2004, it bought a majority stake in Iscor, renamed Mittal Steel South Africa.<ref>{{cite news | url=https://www.steelorbis.com/steel-news/latest-news/iscor-to-become-mittal-steel-sa-151156.htm | title=Iscor to become Mittal Steel SA | work=Steel Orbis | date=March 3, 2005}}</ref>

In 2004, the company acquired Polskie Huty Stali, BH Steel, and certain Macedonian facilities from Balkan Steel.<ref name=saga>{{Cite news |url=https://www.reuters.com/article/idUSL20789619/ |title=FactBox – Mittal Steel's saga of acquisitions | work=Reuters | date=August 9, 2007}}</ref>

In 2004, it merged with LNM Holdings and was renamed Mittal Steel.<ref name=saga/><ref name=20F/>

In January 2005, the company acquired Tadeusz Sendzimir Steelworks.<ref>{{Cite news | url=https://www.jstor.org/stable/j.ctvc77dk5 | title=Out of Ashes: A New History of Europe in the Twentieth Century | first=Konrad H. | last=Jarausch|jstor=j.ctvc77dk5 | date=2015}}</ref>

In 2005, the company acquired International Steel Group.<ref name=saga/>

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.<ref>{{Cite news | url=https://timesofindia.indiatimes.com/business/india-business/Mittal-plans-12-mn-tonne-steel-plant-in-Orissa/articleshow/1714285.cms | title=Mittal plans 12 mn tonne steel plant in Orissa | work=The Times of India | date=July 7, 2006}}</ref>

In August 2006, the company acquired Arcelor in a $33 billion transaction to form ArcelorMittal, which owned 10% of steel capacity worldwide.<ref name=20F/><ref>{{cite news | url=https://www.forbes.com/2008/03/21/severstal-arcelor-mittal-markets-equity-cx_ll_0321markets04.html | title=ArcelorMittal Deal A Steal For Severstal | work=Forbes | date=March 21, 2008 | url-access=limited}}</ref> 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.<ref>{{Cite news | url=https://www.aljazeera.com/news/2006/5/19/mittal-steel-raises-arcelor-bid | title=Mittal Steel raises Arcelor bid | work=Al Jazeera English | date=May 19, 2006}}</ref><ref>{{Cite news | url=https://www.nytimes.com/2006/05/19/business/worldbusiness/19iht-Mittal.html | title=Mittal Steel raises its bid for Arcelor | first1=Heather | last1=Timmons | first2=Andrew | last2=Kramer | work=The New York Times | location=London | date=May 19, 2006 | url-access=limited}}</ref><ref>{{cite news | url=https://www.nytimes.com/2006/06/25/business/worldbusiness/25iht-steel.html | title=Arcelor agrees to Mittal takeover | first1=James| last1=Kanter | first2=Heather | last2=Timmons | first3= Anand | last3=Giridharadas | date=25 June 2006 | work=The New York Times}}</ref><ref>{{cite news| url=http://news.bbc.co.uk/1/hi/business/5114290.stm| title=Steel firm opts for Mittal offer | work=BBC News | date=25 June 2006}}</ref>

==References== {{Reflist}} {{Iron and steel production|state=collapsed}} {{Authority control}}

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