Arcelor Mittal
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It has been suggested that Arcelor and Mittal Steel Company be merged into this article or section. (Discuss) |
| ArcelorMittal | |
|---|---|
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| Type | Public (Euronext: MT), (NYSE: MT, LuxSE: MT) |
| Founded | 2006 |
| Headquarters |  19, avenue de la Liberté, Luxembourg City, Luxembourg |
| Key people |  Lakshmi Mittal, Co-Founder, Chairman and CEO |
| Industry | Steel |
| Products | Steel, Flat Steel products, Coated Steel, Tubes and Pipes |
| Revenue |  $88.00 billion
USD (2006) |
| Operating income | $14.00 billion
(2006) |
| Employees | 320,000 (2006) |
| Slogan | Transforming Tomorrow |
| Website | www.arcelormittal.com |
ArcelorMittal is the largest steel company in the world.[1][2] The company was founded in 2006 when Arcelor and Mittal Steel merged. The company is headquartered in Luxembourg City, in southern Luxembourg, the former seat of Arcelor.
Organizational structure
Lakshmi Mittal (owner of Mittal Steel) is the president and chairman. Mittal's family will hold a 43.6% stake in this company. Counting all shareholders, 50.6% will be former Arcelor shareholders and 49.4% will be former Mittal shareholders.
In addition to Lakshmi Mittal as president and chairman, the Board of Directors of the company consists of eighteen non-executive members with six nominated by Mittal, three chosen independently, six nominated by Arcelor, three chosen by existing Arcelor shareholders and three employee representatives.
Business
The company is headquartered in Luxembourg, though Lakshmi Mittal works out of offices in Berkeley Square in London. In its current form, it is expected to have a planned capacity of 120 million tonnes. Its annual revenues are expected to be around $100 billion, earnings of $15 billion and market capitalization of about $ 96 billion and will have 320,000 employees.
Arcelor shareholders will receive 13 Mittal Steel shares and 155.60 euros in cash for 12 Arcelor shares. Mittal Steel is also offering 13 Mittal Steel shares and 188.42 euros in cash for 12 Arcelor convertible bonds. Current Arcelor shareholders will own 50.5 per cent of the combined group and the Mittal family 43.6 per cent of the capital and voting rights. The company's profit went up by 40% after the merger.
References
- ^ ArcelorMittal sees profit up 40%. BBC News (2007-05-16).
- ^ World Steel in Figures. International Iron and Steel Institute (2006).
- Arcelor Mittal facts on TheStar.com
- Questions for the Arcelor Mittal Deal
- Timeline of the Mittal Arcelor Deal - Financial Times
- Lakshmi Nivas Mittal (Man of Steel) - MSNBC
- Google Finance: Arcelor Mittal
External links
- Arcelor Mittal — Official website
- Arcelor Mittal WebTV — Official WebTV/blog
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