Mergers Show Steel Industry Is Still Worthy of Big Deals
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Wilbur Ross, whose buyout firm created International Steel less than two years ago, is selling the company to Lakshmi N. Mittal, the billionaire steel tycoon, for $4.5 billion.
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Billionaire from the UK Lakshmi Mittal on Monday purchased International Steel Group from Wilbur Ross, thus creating the worldâs biggest steel company.
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Corus, Britain&#39;s biggest steelmaker, yesterday reported its first profits since the merger of British Steel and Dutch rival Hoogovens five years ago.
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AMSTERDAM/NEW YORK  - Steel magnate Lakshmi Mittal  on Monday agreed to buy International Steel Group Inc. ISG.N  for $4.5 billion and merge it with his other assets, creating  the industry's largest player at a time when steel prices are  soaring.
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As merger fever hits new highs, which deals will work out?
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AMSTERDAM -- Steel tycoon Lakshmi N. Mittal yesterday said he would pay $4.5 billion in cash and stock for US steelmaker International Steel Group Inc., which had been cobbled together by onetime investment banker Wilbur L. Ross Jr. from mills whose parents landed in bankruptcy court.
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Lakshmi Mittal&#39;s $4.5 billion acquisition of International Steel Group Inc. may prompt a spree of deals as the steel industry consolidates to cut costs.
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The head of the world's biggest steel firm warns that the industry is set for a wave of consolidation.
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Lakshmi Mittal, one of the UK's  wealthiest men, will merge his steel assets and buy  International Steel Group Inc. in a deal worth $17.8 billion to  form the world's largest steel company.
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But that might not be a good thing for steel investors.
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US steelmakers&#39; shares rose sharply yesterday, with US Steel, Allegheny Technologies and Nucor (which operates a mill in Seattle) reaching their highest prices in at least seven years, after Nissan said the metal is in short supply in Japan.
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Tata Steel of India appears set to become the world's fifth-largest steel producer after beating its Brazilian rival CSN in an auction to take over Anglo-Dutch steelmaker Corus with a 13.7-billion-dollar bid.
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With merger and acquisition fever hitting new highs, which deals will work out?
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Prices for raw materials had languished for years, but the sector is now trying to meet burgeoning global demand for iron, copper and other key commodities.
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Chaparral Steel has accepted a $4.22 billion takeover offer from Gerdau Ameristeel in the latest consolidation move in the steel industry.
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Regions Financial continues to wring savings from a recent merger.
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Arcelor and Mittal Steel, which have agreed on a deal to form the worldâs largest steel maker, said their combined earnings fell 3.5 percent, to $7.97 billion, in 2006 because of higher raw material costs. The companies also said they had $4.5 billion to $5 billion available for acquisitions this year, and confirmed that they were examining the financial records of an Indian steel maker, Sesa Goa. Reporting as if the companies were already fully combined, Arcelor Mittal said it earned $7.97 billion in 2006, down from $8.26 billion a year earlier. Revenue rose 10 percent, to $88.57 billion, in the year.