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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.
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.
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 ...
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).
On April 5, 2005, ISG completed a merger with Mittal Steel. In 2006, Mittal Steel completed a further merger with Arcelor, forming a new company known as ArcelorMittal. In December 2020, ArcelorMittal sold its U.S. holdings to Ohio-based Cleveland-Cliffs Inc. making it a subsidiary of the Cleveland-Cliffs organization.
When the latter took over Arcelor in 2006 to form ArcelorMittal, the plant took on the name ArcelorMittal Galați. [3] The number of employees fell from 27,600 in 2001 to 8,700 in 2011, mainly through voluntary retirements coupled with significant bonuses.
The new shareholding company, merging the three largest local steel companies, [5] was named ARBED S.A., the acronym for Aciéries Réunies de Burbach-Eich-Dudelange, Société Anonyme. [ 3 ] Growth and Development of ARBED (1911–1945)
The following year ISG was acquired by Mittal Steel Company for $4.5 billion. [16] In 2006, Mittal Steel and Arcelor merged to form ArcelorMittal. [17] In early 2015, during the restoration of a home that once belonged to Rebecca Lukens, a trove of business correspondence from 1834 was found inside the walls. Historians have begun studying the ...