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Arcelor Mittal

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Arcelor Mittal

ArcelorMittal, S.A.
Société Anonyme
Traded as MT

Industry Steel
Predecessor(s) Arcelor
Mittal Steel Company
Founded 2006
Headquarters Avenue de la Liberté, Luxembourg, Luxembourg
Area served Worldwide
Key people Lakshmi Mittal
(Chairman and CEO)
Aditya Mittal
(CFO)
Products Finished, semi-finished, long and flat products, such as slabs, hot-rolled coil, cold-rolled coil, coated steel products, tinplate and heavy plate, as well as billets, blooms, rebars, wire rod, sections, rails, sheet piles and drawn wire
Revenue Decrease US$ 84.213 billion (2012)[1]
Operating income Decrease US$ -3.226 billion (2012)[1]
Profit Decrease US$ -3.726 billion (2012)[1]
Total assets Decrease US$ 114.573 billion (2012)[1]
Total equity Decrease US$ 51.723 billion (2012)[1]
Employees 245,000 (2012)[1]
Website

ArcelorMittal S.A. (French pronunciation: ​[aʁsəlɔʁmiˈtal]) is a multinational steel manufacturing corporation headquartered in Avenue de la Liberté, Luxembourg. It was formed in 2006 from the takeover and merger of Arcelor by Mittal Steel. ArcelorMittal is the world's largest steel producer, with an annual crude steel production of 97.2 million tones as of 2011.[2] It is ranked 70th in the 2012 Fortune Global 500 ranking of the world's biggest corporations.[3]

History

ArcelorMittal was created by the takeover of Western European steel maker Arcelor (Spain, France, and Luxembourg) by Indian-based multinational steel maker Mittal Steel in 2006, at a cost of €40.37 per share, approximately $33 billion total. Mittal Steel launched a hostile takeover bid which replaced a previous planned merger between Arcelor and Severstal, which had lacked sufficient shareholder approval. The resulting merged business was named ArcelorMittal and headquartered in Luxembourg.[4][5]

The resulting firm produced approximately 10% of the world's steel, and was by far the world's largest steel company. Total revenues in 2007 were $105 billion.[6][7] In October 2008, the market capitalisation of ArcelorMittal was over $30 billion.[8]

In December 2008, ArcelorMittal announced several plant closings, including the Bethlehem Steel plant in Lackawanna, New York, and LTV Steel in Hennepin, Illinois.

On 30 June 2010, the European Commission fined 17 steel producers a total of €518 million for running a price-fixing cartel, with ArcelorMittal being fined over €270 million.[9]

On 26 January 2011, the Stainless steel division split off as a new company, Aperam.

In 2012 the company had $22 billion of debt.[10] As of 2012, due to overcapacity and reduced demand in Europe it had idled 9 of 25 blast furnaces;[10] in October 2012 it permanently shut down two blast furnaces at Florange, France.[11]

On October 31, 2012, the company reported a third-quarter loss of $709 million as compared to a $659 million profit for the same period a year ago, citing the slow down in China's economy.[12]

In January 2013, ArcelorMittal bid $1.5 billion to acquire ThyssenKrupp AG’s steel operations in the United States.[13]

In September 2013, the government of Senegal won a court case before an international tribunal to rescind a $2.2 billion deal with Arcelor Mittal after the company suspended work on an iron ore mine in the country.[14]

Company structure and subsidiaries

Lakshmi Mittal (owner of Mittal Steel) is the Chairman and CEO. His family owns 40% of the shares and voting shares in the company.[15]

Headquarters

The head office of ArcelorMittal is the ARBED building in Luxembourg City, where 600 of its employees work. The building was the head office of Arbed before that company merged with Aceralia and Usinor.[16]

Although official headquarters is Luxembourg; according to Aditya Mittal, the company's CFO, ArcelorMittal could more accurately be said to be run from the company's office in Berkeley Square in London.[17]

Employees

As of 2011 the company employed over 260,000 persons, of which 37% were in the EU, with a further 16% in non-EU European countries, 16% in Asia, 14% in North America, the remainder split between South America and the Middle East and Africa.[18] ArcelorMittal is also Luxembourg's largest employer. At the beginning of 2011, it employed 6,070 employees in the Grand Duchy.[19]

See also

References

External links

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