Steel man forges the largest firm in the industry
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LAKSHMI MITTAL, the Indian steel tycoon and one of Britainâs richest men, was poised to become head of the worldâs biggest steel company after merging his two businesses
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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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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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Mittal Steel said it had signed a deal to take a 37 percent stake in one of China's leading steelmakers, giving the group its first production platform in the world's fastest growing steel market.
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Dutch-Indian steel group Ispat International announced that it had agreed to merge with Dutch LNM Holdings and US International Steel Group to form the world's largest steelmaker, which would be known as Mittal Steel.
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A controversial steel magnate today awarded himself a Â£1.1 billion bonus after unveiling a takeover that will create the worldâs biggest steel company.
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The world's largest steel company, Arcelor Mittal, reports an annual profit of $10.36bn for 2007.
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Having bought Lone Star Technologies this year, U.S. Steel finds another strong target.
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Stock in AK Steel Corp. and other publicly traded US steel companies posted large gains Monday on news of a three-way merger that&#39;ll create the world&#39;s largest steelmaker.
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The world's second-largest steel producer, LNM Holdings, bought a 51-percent stake in Bosnia's biggest steelworks, BH Steel, for 80 million dollars (65 million euros).
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Mittal Steel, the biggest steel producer in the world, announced that it had acquired at least 50 percent of Arcelor shares, the minimum amount Mittal has set for the takeover to go ahead.
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Steel giants Arcelor and Mittal Steel, which are to combine to create by far the biggest world steel group, said their joint net profit was 1.310 billion euros in the second quarter.
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Major Soviet steelmaker continues U.S. buying spree.
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Mittal Steel, the world's biggest steel producer, announced that it controls 91.88 percent of European steel maker Arcelor following its 25-billion-euro takeover bid.
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Shares in Africa's biggest steel producer surge to a record high on the back of strong interim profits
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ThyssenKrupp and Salzgitter, the largest steel makers in Germany, agreed to the highest wage increases for their workers in more than 10 years. Salaries for 85,000 workers at steel makers will increase 3.8 percent from the beginning of 2007, IG Metall, the steel workersÂ union, said. Wages last rose that much in 1995, when they increased 4 percent. IG Metall had been seeking a 7 percent wage increase for 12 months, while employers had offered 3 percent.
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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 &#36;17.8 billion to form the world's largest steel company.