The Turnaround of Caribbean Ispat Ltd. (CIL)
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Case Details:
Case Code : BSTA013
Case Length : 12 Pages
Period : 1988 - 2003
Pub Date : 2005
Teaching Note :Not Available
Organization : Caribbean Ispat Ltd. (CIL)
Industry : Steel
Countries : Caribbean
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This case study was compiled from published sources, and is intended to be used as a basis for class discussion. It is not intended to illustrate either effective or ineffective handling of a management situation. Nor is it a primary information source.
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Introduction
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When Lakshmi Mittal (Lakshmi), owner of a steel mill in Indonesia, was considering further international expansion in the 1980s, he decided to look outside Asia. Governments in the west were selling off state-owned steel plants at sharp discounts.
These seemed a good bargain when compared to the cost of building a new mill. Lakshmi preferred a plant with directly reduced iron (DRI) technology. Apart from being familiar with the technology, he foresaw a steep rise in the price of scrap, the principal feedstock of non DRI based mini steel mills. One of Ispat's first opportunities was Iscott in Trinidad and Tobago.
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Background Note
About Ispat
Ispat International's roots were in India. Mohan Mittal (Mittal), Ispat's chairman and Lakshmi Mittal's (Lakshmi) father, started Ispat1 in the 1950s. While still in college, Lakshmi joined the company as a trainee in the purchase department. He graduated with a degree in commercial studies from St. Xavier's College and the University of Calcutta in 1970, when he was 19.
Within a few years of graduation, Lakshmi helped his father establish a new mini steel plant in Bangalore with an annual capacity of 30,000 metric tons per year (tpy), and another plant in Calcutta, with a 50,000-tpy capacity. Lakshmi also handled the company's exports to Southeast Asia and the Middle East...
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