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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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The company's CEO recently joined CNBC's Jim Cramer and celebrated Trump's then-upcoming tariffs as tools to end "currency manipulation" and the "subsidization" of steel coming to the U.S. from ...
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