Mittal: British Billionaire Creates World&#39;s Largest Steel Company
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Billionaires forge a deal: Lakshmi Mittal, one of the richest men in the UK, will merge his steel assets and buy International Steel Group (nyse: ISG - news - people ), which counts US billionaire Wilbur L. Ross Jr.
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AMSTERDAM: Lakshmi Mittal, one of the UK&#39;s wealthiest men, will merge his steel assets and buy International Steel Group in a deal worth $17.
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The &quot;bigger is better&quot; mind-set dominating the steel industry reached new heights yesterday when billionaire baron Lakshmi Mittal said he&#39;ll create the world&#39;s largest
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Dutch steel groups Ispat International and LNM Holdings, both run by Indian businessman Lakshmi Mittal, said they had agreed to merge with US International Steel Group to form the world's largest steelmaker.
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London, October 26: NRI business tycoon Lakshmi N. Mittal has emerged as the richest man in Britain. The historic merger of his steel conglomerate Ispat with its rival, International Steel Group of USA, to
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Privately-owned Dutch steelmaker LNM Group said Monday it plans to merge its two main divisions, Ispat International NV and LNM Holdings NV, and then take over US-based International Steel Group, which would make it the largest steel company in the world.
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Arcelor Mittal, the world's biggest steel group, has secured a new credit line of 17 billion euros (22.6 billion dollars) with a syndicate of 26 banks.
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Steel tycoon Lakshmi N. Mittal announced plans to pay &#36;4.5 billion in cash and stock for U.S. steelmaker International Steel Group Inc., which had been cobbled together by onetime investment banker Wilbur L. Ross Jr. from mills whose parents landed in bankrupcty court.
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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.
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Ispat International will buy LNM Holdings and International Steel Group Inc., forming the worldâs largest steel firm in a deal worth a total of $17.
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Ispat International, the steel producer controlled by the Indian billionaire Lakshmi Mittal, today announced it had agreed to buy LNM Holdings and International Steel Group in
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Tata Group's new status as the world's fifth-largest steel firm signals a milestone for the Indian economy.
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The world's largest steel group, ArcelorMittal, said Tuesday it had signed an accord to build its first plant in Russia.
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The world's biggest steelmaker stacks up impressively against the competition.
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Mittal Steel, currently the world&#039;s number one steel maker, is prepared to take a minority stake in European rival Arcelor which wants to merge with Russian giant Severstal, Mittal&#039;s European chief Roeland Baan said in a newspaper interview.
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LONDON: Head of the world&#39;s largest steel company Lakshmi Mittal is keen to have his firm&#39;s presence in India and China as his ultimate objective is to supply to global customers.
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Mittal Steel   said on  Monday that it owned 93.7 percent of the share capital of  Arcelor , as it moved toward creating the world's  biggest steel maker.