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The Mittal Steel-ISG Merger - Creating a Steel Behemoth (Part-A) |
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"These transactions dramatically change the landscape of the global steel industry. We are bringing together Ispat International, LNM Holdings and (International Steel Group), one of the largest integrated steel producers in North America, creating a global powerhouse. In recent years, the steel industry has been characterized by predominantly regional consolidation. This combination represents a significant step forward in the globalization of the industry." - L N Mittal, Chairman, Mittal Steel, November 2004.1 "We strongly believe that it is a good acquisition on both sides." - Charles Glazer, Spokesman of International Steel Group, November 2004.2 "We are changing the entire world steel map. The formation of Mittal Steel would create the same sort of change in the global steel industry that the creation of ISG, which includes assets of companies such as Bethlehem Steel and Weirton Steel, had done in the US." - Wilbur Ross, ISG chairman in 2004. 3 A New Steel GiantWhen a three-way merger between the Mittal steel companies (Ispat International and LNM Holdings) and the US-based International Steel Group (ISG) was announced in late 2004, it generated considerable interest in the global steel industry. Mittal Steel would be much larger than Arcelor,4 which was till then the largest company in the steel industry with a total annual production capacity of 45 million tons (Refer Exhibit II for total annual crude steel production capacity of major companies). The company would also have a strong presence in various parts of the world, and an impressive client list including companies like Ford Motor Company, The General Electric Company and Whirlpool Corporation.
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1] Rimin Dutt, "Mittal forges $32 billion steel company empire," Indus Business Journal,
November 1, 2004.
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