LNM Holdings
 |
|
| Public | |
| Industry | Steel |
| Successor | ArcelorMittal |
| Founded | 1989 as Ispat International in Sumatra, Indonesia |
| Founder | Lakshmi Mittal |
| Defunct | Merged (2006) |
| Headquarters | Rotterdam, Netherlands |
|
Key people
|
Lakshmi Mittal (Chairman & CEO) |
| Products | Steel, flat steel products, coated steel, tubes and pipes |
| Revenue |
 28.132 billion USD year to 31 December 2005 |
|
$4.746 billion (2005) |
|
|
$3.365 billion (2005) |
|
|
Number of employees
|
320,000 (2006) |
| Website | www |
Mittal Steel Company N.V. was one of the world's largest steel producers by volume, and also one of the largest in turnover. The company is now part of ArcelorMittal.
CEO Lakshmi Mittal's family owned 88% of the company. Mittal Steel was based in Rotterdam but managed from London by Mittal and his son Aditya. It was formed when Ispat International N.V. acquired LNM Holdings N.V. (both were already controlled by Lakshmi Mittal) and merged with International Steel Group Inc. (the remnants of Bethlehem Steel, Republic Steel and LTV Steel) in 2004. On 25 June 2006, Mittal Steel decided to take over Arcelor, with the new company to be called ArcelorMittal. The takeover has been successfully approved by shareholders and directors of Arcelor making L.N. Mittal the largest steel maker in the world.
It was formed as Ispat International in 1978, at the time it was part of the Indian Steel making company Ispat Industries which was founded by Lakshmi Mittal's father and was owned by his family, but in 1995 it separated from that company after various disagreements between Lakshmi and his father.
In 1989, the company acquired Iron & Steel Company of Trinidad & Tobago. In 1992, the company acquired Sibalsa. In 1994, the company acquired Sidbec-Dosco. In 1995, the company acquired Hamburger Stahlwerke, which formed Ispat International Ltd. and Ispat Shipping, and also bought Karmet Steel of Temirtau, Kazakhstan. In 1997, the company acquired Walzdraht Hochfeld GmbH and Stahlwerk Ruhrort. In 1997, the company went public as Ispat International NV. In 1998, the company acquired Inland Steel Company. In 1999, the company acquired Unimétal. In 2001, the company acquired ALFASID and Sidex. In 2002, it bought a majority stake in Iscor. In 2003, the company acquired Nowa Huta.
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Wikipedia