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In 2002 it was revealed the company had underfunded the pension for employees by $44 million. [4] GS Steel derives its name from Georgetown Steel which operates a steel plant in Georgetown, South Carolina. The South Carolina and Missouri operations were combined by Bain. [7] The South Carolina plant closed in 2003.
ArcelorMittal was formed in 2007 from the $33 billion acquisition of Arcelor by Mittal Steel Company. [1] [5] The merger was consummated after Mittal Steel Company raised its bid for Arcelor and the Mittal family agreed to relinquish its controlling stake in the company and execute a standstill agreement not to acquire a controlling interest without approval from independent directors.
Arcelor S.A. was the world's largest steel producer in terms of turnover and the second largest in terms of steel output, with a turnover of €30.2 billion and shipments of 45 million metric tons of steel in 2004. The company was created in 2002 by a merger of the former companies Aceralia (Spain), Usinor (France) and Arbed (Luxembourg).
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Laiwu Steel (merged into Shandong Iron and Steel Group) Lone Star Steel Company (acquired by U.S. Steel in 2007) Maanshan Iron & Steel (acquired by China Baowu in 2019) Mittal Steel Company (merged with Arcelor forming ArcelorMittal) National Steel Corporation (acquired by U.S. Steel in 2003) Northwestern Steel and Wire (reorganized and ...
In March 2006, the company launched an offer for the French conglomerate Arcelor. [6] The offer did not materialize and Arcelor was instead acquired by Mittal Steel Company on 25 June 2006 to create ArcelorMittal. In April 2006, Severstal and Arcelor inaugurated the Severgal joint venture, at that time owned 75% by Severstal and 25% by Arcelor. [7]