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1989 Acquisition of Iron & Steel Company of Trinidad & Tobago (ISCOTT), Caribbean Caribbean Ispat (Now Mittal Steel Point Lisas) is formed to take over Iron & Steel Company of Trinidad & Tobago (ISCOTT) on lease. Within a year of takeover, the plant’s capacity is doubled and its operations made profitable.
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1992 Acquisition of Sibalsa, Mexico Ispat group acquires Sibalsa (Now Mittal Steel Lazaro Cardenas), Mexico’s third largest steel producer. The plant achieved a dramatic turnaround from its 25 percent capacity utilisation at the time of acquisition. Today, the plant
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1994 Acquisition of Sidbec-Dosco, Canada Ispat group bought Canada’s number four steel plant Sidbec-Dosco (now Mittal Steel Contrecoeur). Following the reopening of its mothballed DRI plant, cost cuts and quality improvements, the plant was quickly in the black.
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1995 Acquisition of Hamburger Stahlwerke, Germany |
1995 Acquisition of Hamburger Stahlwerke, Germany Ispat group acquires Germany’s fourth largest producer of wire rod Hamburger Stahlwerke (Now Mittal Steel Hamburg). The plant turns profitable following increased production of high-grade steels and cost reductions.
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1995 Acquisition of Hamburger Stahlwerke, Germany Formation of Ispat International Ltd. and Ispat Shipping Ispat International Ltd and Ispat Shipping are formed. The objective is to provide technical and commercial services to the Group and to meet its growing shipping needs.
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1995 Acquisition of Hamburger Stahlwerke, Germany Formation of Ispat International Ltd. and Ispat Shipping Acquisition of Karmet, Kazakhstan Ispat group buys Karmet (Now Mittal Steel Temirtau), a 5.5 million tonnes pa capacity blast furnace steel plant in Kazakhstan. The plant with minimal stocks of spares and consumables is transformed and becomes profitable in the first year.
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1997 Ispat International NV goes public Acquisition of Stahlwerke Ruhrort and Walzdracht Hochfeld from Thyssen AG, Germany |
1997 Ispat International NV goes public Ispat International floats on the New York and Amsterdam stock exchanges by way of a USD 776 million initial public offering. Acquisition of Stahlwerke Ruhrort and Walzdracht Hochfeld from Thyssen AG, Germany |
1997 Ispat International NV goes public Acquisition of Stahlwerke Ruhrort and Walzdracht Hochfeld from Thyssen AG, Germany Ispat International acquires Stahlwerke Ruhrort (Now Mittal Steel Ruhrort) and Walzdracht Hochfeld (Now Mittal Steel Duisburg). With capacity of 1.7 million tpa, the acquisitions position Ispat International at the top end of the quality spectrum in Europe.
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1998 Acquisition of Inland Steel Company, USA Ispat International buys America’s fourth largest steel-maker, Inland Steel Company (Now Ispat Inland), |
1999 Acquisition of Unimétal, France Ispat International buys the French company, Unimetal Group (Now Mittal Steel Gandrange) including Trefileurope and SMR.
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2001 Acquisition of ALFASID, Algeria LNM Holdings buys 70 per cent of Al Fasid (Now Mittal Steel Annaba) from the Algerian government. LNM Holdings also buys the iron ore mines of Ouenza and El Boukhadra from FERFOS.
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2001 Acquisition of ALFASID, Algeria Acquisition of Sidex, Romania LNM Holdings acquires Sidex (Now Mittal Steel Galati), an integrated steelworks in Galati, Romania. At the time of its acquisition, the steelworks’ equipment is outdated; the company is critically short of cash, is dependent on barter and is losing USD one million a day. LNM commits to invest USD 350 million. Malpractice and barter are swept away. By 2003 the company’s turnover tops USD one billion and the plant is profitable.
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2002 Business Assistance Agreement signed with Iscor, South Africa LNM Holdings signs a business assistance agreement with the South African steel producer, Iscor. LNM agrees to provide business assistance over a three-year period in exchange for Iscor shares.
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2003 Acquisition of Nova Hut, Czech Republic LNM Holdings signs an agreement to buy Nova Hut (Now Mittal Steel Ostrava), the largest steel producer in the Czech Republic, from the Czech government. The acquisition, at an all-in cost of USD 905 million, takes effect in January 2003. When acquired, the company is losing money, lacking cash to buy supplies, and is in debt. As part of the agreement, LNM takes on INH’s debts and guarantees USD 249 million of investment and other contributions. It also commits to a further USD 107 million of planned investments, including projects aimed at upgrading INH’s products and broadening the product range. INH benefits immediately from being integrated into the Group and generated a profit by the end of 2003.
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2004 Acquisition of Polski Huty Stali, Poland Acquisition of BH Steel, Bosnia |
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2004 Acquisition of Polski Huty Stali, Poland LNM Holdings buys a controlling stake in Poland’s leading steel producer, Polskie Huty Stali (Now Mittal Steel Poland). LNM commits to invest over USD 600 million in the business.
Acquisition of BH Steel, Bosnia |
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2004 Acquisition of Polski Huty Stali, Poland Acquisition of BH Steel, Bosnia LNM Holdings buys Bosnia’s BH Steel (Now Mittal Steel Zenica). LNM invests USD 80 million in new share capital and commits to a minimum investment of USD 135 million in plant and equipment over ten years. The investment is aimed at lifting production from 200,000 to more than two million tonnes over the period. |
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2004 Acquisition of Polski Huty Stali, Poland Acquisition of BH Steel, Bosnia Acquisition of Macedonian facilities from Balkan Steel LNM acquires hot and cold rolling mills in Skopje, Macedonia (now Mittal Steel Skopje). The hot strip mill has a capacity of 1.2 million tonnes pa, the cold rolling mill a capacity of one million tonnes pa.
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2004 Acquisition of Polski Huty Stali, Poland Acquisition of BH Steel, Bosnia Acquisition of Macedonian facilities from Balkan Steel Creation of Mittal Steel LNM Holdings and Ispat International announce their merger - to form Mittal Steel. Mittal Steel will span the globe with around 30 per cent of its assets in North America, 30 per cent in Europe and the remaining 40 per cent split between Asia and Africa. Chairman Mr. Lakshmi Mittal declares his intention to make the Group ‘the lowest cost steel producer in every market.’ |
| 2005 Acquisition of stake in Hunan Valin, China Mittal Steel acquires 36.67 per cent of Hunan Valin Steel Tube & Wire, one of China’s top ten steel-makers. The plant’s annual capacity stands at 8.5 million tonnes.
Acquisition of International Steel Group, USA (April) Creation of Mittal Steel Europe (April) Mittal Steel makes Fortune 500 (July) MDA with Liberian government (August) Acquisition of Kryvorizhstal, Ukraine (October) MoU with State of Jharkhand, India (October) |
| 2005 Acquisition of stake in Hunan Valin, China (January) Acquisition of International Steel Group, USA Mittal Steel acquires International Steel Group (now Mittal Steel USA) of the US. The deal makes Mittal Steel the largest North American steel producer and the supplier of choice steel to the US automotive industry.. Creation of Mittal Steel Europe (April) Mittal Steel makes Fortune 500 (July) MDA with Liberian government (August) Acquisition of Kryvorizhstal, Ukraine (October) MoU with State of Jharkhand, India (October) |
| 2005 Acquisition of stake in Hunan Valin, China (January) Acquisition of International Steel Group, USA (April) Creation of Mittal Steel Europe Western European operations of Mittal Steel merge with central and eastern European operations to form one unified business structure – Mittal Steel Europe. Mittal Steel makes Fortune 500 (July) MDA with Liberian government (August) Acquisition of Kryvorizhstal, Ukraine (October) MoU with State of Jharkhand, India (October) |
| 2005 Acquisition of stake in Hunan Valin, China (January) Acquisition of International Steel Group, USA (April) Creation of Mittal Steel Europe (April) Mittal Steel makes Fortune 500 Mittal Steel is included in the Fortune 500 list. The Global 500 list ranks the world’s largest corporations. Mittal Steel ranks 253rd in terms of revenues but 55th in terms of profit. MDA with Liberian government (August) Acquisition of Kryvorizhstal, Ukraine (October) MoU with State of Jharkhand, India (October) |
| 2005 Acquisition of stake in Hunan Valin, China (January) Acquisition of International Steel Group, USA (April) Creation of Mittal Steel Europe (April) Mittal Steel makes Fortune 500 (July) MDA with Liberian government Mittal Steel signs a mining development agreement with the Government of Liberia. The agreement gives Mittal Steel access to about one billion tonnes of iron ore resources in the west of the country. The company envisages spending USD 900 million over the 25-year lifetime of the agreement. It intends to produce between three and five million tonnes of iron ore a year within two years. The Liberian Senate officially ratifies agreement in September. Acquisition of Kryvorizhstal, Ukraine (October) MoU with State of Jharkhand, India (October) |
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2005 Acquisition of stake in Hunan Valin, China (January) Acquisition of International Steel Group, USA (April) Creation of Mittal Steel Europe (April) Mittal Steel makes Fortune 500 (July) MDA with Liberian government (August) Acquisition of Kryvorizhstal, Ukraine Mittal Steel acquires Kryvorizhstal (Now Mittal Steel Kryviy Rih) for USD 4.8 billion. Kryvorizhstal is Ukraine’s leading steel maker with annual steel production of 7.7 million tonnes. It has more than one billion tonnes of iron ore resources. MoU with State of Jharkhand, India (October) |
| 2005 Acquisition of stake in Hunan Valin, China (January) Acquisition of International Steel Group, USA (April) Creation of Mittal Steel Europe (April) Mittal Steel makes Fortune 500 (July) MDA with Liberian government (August) Acquisition of Kryvorizhstal, Ukraine (October) MoU with State of Jharkhand, India Mittal Steel signs a Memorandum of Understanding with the State of Jharkhand, India. Mittal Steel expects to invest USD nine billion establishing mining and steel making operations in the state. |
| 2005 Acquisition of stake in Hunan Valin, China (January) Acquisition of International Steel Group, USA (April) Creation of Mittal Steel Europe (April) Mittal Steel makes Fortune 500 (July) MDA with Liberian government (August) Acquisition of Kryvorizhstal, Ukraine (October) MoU with State of Jharkhand, India (October) Acquisition of Stelco subsidiaries, Canada Mittal Canada enters into definitive agreement for the acquisition of Norambar Inc., Stelfil Ltée and Stelwire Ltd. from Stelco Inc. Transaction completed in February 2006 at a cost of CD 30 million and the assumption of CD 28 million in debt. |
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2005 Acquisition of stake in Hunan Valin, China (January) Acquisition of International Steel Group, USA (April) Creation of Mittal Steel Europe (April) Mittal Steel makes Fortune 500 (July) MDA with Liberian government (August) Acquisition of Kryvorizhstal, Ukraine (October) MoU with State of Jharkhand, India (October) Acquisition of Stelco subsidiaries, Canada (October) Stake raised in Mittal Steel Zenica Mittal Steel raised its stake in Bosnia’s Mittal Steel Zenica to 92 per cent. It makes the USD 98 million purchase of a further 41 per cent from a Kuwaiti Investment Agency. |
| 2006 On January 27, 2006, Mittal Steel launches an offer to acquire Arcelor. The deal would unite the world’s two largest steel companies into one with an unrivalled global footprint and complementary assets and skills across all areas. The deal is finalised on June 26, 2006. The Mittal Steel cash offer values the Arcelor share at 40.40 €. |
| Acquisition of Iron & Steel Company of Trinidad & Tobago (ISCOTT), Caribbean |
| Acquisition of Sibalsa, Mexico |
| Acquisition of Sidbec-Dosco, Canada |
| Acquisition of Hamburger Stahlwerke, Germany |
| Ispat International NV goes public |
| Acquisition of Inland Steel Company, USA |
| Acquisition of Unimétal, France |
| Acquisition of ALFASID, Algeria |
| Business Assistance Agreement signed with Iscor, South Africa |
| Acquisition of Nova Hut, Czech Republic |
| Acquisition of Polski Huty Stali, Poland |
| Acquisition of stake in Hunan Valin, China (January) |
| On January 27, 2006, Mittal Steel launches an offer to acquire Arcelor. |
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