Lakshmi Mittal and the Growth of Mittal Steel (Case Study)
Since its inception, ArcelorMittal has rapidly grown through a successful consolidation strategy with a number of significant acquisitions. According to ArcelorMittal (2012), the company is the successor to Mittall Steel, a business originally set up in 1976 by Lakshmi N. Mittal, CEO and chairman of the board of directors (paras 1-2).
ArcelorMittal moved the company’s headquarters to Rotterdam in 1997 (Hill, 2011, p. 261). The company currently has 260,000 employees across 60 countries and is the world’s leading steel and mining company (ArcelorMittal, 2013, para 1).
In addition to the information above, a brief timeline of ArcelorMittal acquisitions may be reviewed below (Steelonthenet.com, 2013, para 2). The company has been quite successful. •
1989: Acquired Iron & Steel Company of Trinidad & Tobago. •
1992: Acquisition of Sibalsa in Mexico.
1994: Acquisition by Ispat of Sidbec-Dosco in Canada.
1995: Acquisition of Karmet Works in Kazakhstan.
1995: Acquisition of Hamburger Stahlwerke in Germany.
1997: Ispat International floats in NY & Amsterdam.
1997: Takeover of Thyssen Duisberg, Germany.
1998: Acquisition of Inland Steel Company, USA.
1999: Ispat purchase of Unimetal, France.
2001: Purchase of Sidex Galati in Romania.
2001: Purchase of Alfasid [renamed Mittal Steel Annaba] in Algeria. •
2001: Equity partnership deal with Iscor, South Africa.
2003: Acquisition of Nova Hut in Ostrava, Czech Republic. •
2004: Acquisition of Skopje plant from Balkan Steel, Macedonia. •
2004: LNM Holdings & ISPAT International merged into Mittal Steel. •
2005: Purchase of PHS - Polskie Huty Stali in Poland.
2005: Mittal Steel takeover of the International Steel Group, USA. •
2005: Acquisition of Kryvorizhstal, Kryvyi Rih in Ukraine. •
2005: Purchase of small stake in Hunan Valin, China.
2005: Iron ore mining agreement with government of Liberia. •
2005: Unsuccessful bid...
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