ArcelorMittal
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| Type | Société Anonyme |
|---|---|
| Traded as | Euronext: MT NYSE: MT BMAD: MTS LuxSE: 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 |  US$ 84.213 billion (2012)[1] |
| Operating income | US$ -3.226 billion (2012)[1] |
| Profit | US$ -3.726 billion (2012)[1] |
| Total assets | US$ 114.573 billion (2012)[1] |
| Total equity | US$ 51.723 billion (2012)[1] |
| Employees | 245,000 (2012)[1] |
| Website | www.arcelormittal.com |
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
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ArcelorMittal was created by the takeover of Western European steel maker Arcelor by Netherlands-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.[citation needed]
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.[citation needed]
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]
Company structure and subsidiaries
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This section requires expansion. (October 2012) |
Lakshmi Mittal (owner of Mittal Steel) is the Chairman and CEO. His family owns 40% of the shares and voting shares in the company.[14]
Headquarters
The head office of ArcelorMittal is 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.[15]
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.[16]
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.[17] ArcelorMittal is also Luxembourg's largest employer. At the beginning of 2011, it employed 6,070 employees in the Grand Duchy.[18]
References
- ^ a b c d e f "Annual Results 2012". ArcelorMittal. Retrieved 8 February 2013.
- ^ "Top steel-producing companies 2011". World Steel Association. Retrieved 2011-10-29.
- ^ "70. ArcelorMittal", GLOBAL 500 - Our annual ranking of the world's largest corporations (CNN)
- ^ Kanter, James; Timmons, Heather; Giridharadas, Anand (25 June 2006), Arcelor agrees to Mittal takeover, New York Times
- ^ Lenard, David M. (7 June 2006), "Arcelor Mittal: The dawn of a steel giant", wwww.atimes.com (Asia Times Online)
- ^ Steel firm opts for Mittal offer, BBC News, 25 June 2006
- ^ De Smedt, Seraf; Van Hoey, Michel (February 2008), "Integrating steel giants: An interview with the ArcelorMittal postmerger managers", www.mckinseyquarterly.com
- ^ "Yahoo Finance: ArcelorMittal, (finance.yahoo.com)". Archived from the original on 27 October 2008.
- ^ Thomet, Laurent (30 June 2010), EU fines steel makers 518 million euros for price-fixing, AFP
- ^ a b A Global Steel Giant Scales Back, New York Times, 25 July 2012
- ^ Kessler, Vincent (1 October 2012), "ArcelorMittal confirms French furnace closures", uk.reuters.com
- ^ "Steelmaker ArcelorMittal Posts $709M 3Q Loss.". The New York Times.
- ^ Reuters (17 January 2013). "ArcelorMittal bids $1.5 billion for ThyssenKrupp's Alabama plant". Reuters.
- ^ Shareholding structure, ArcelorMittal, retrieved 5 October 2012, "The following table sets forth information on 30 September 2012 with respect to the beneficial ownership and voting rights of ArcelorMittal shares"
- ^ Arcelor-Mittal : un siège au Luxembourg (in French), Le Journal du Net, retrieved 5 October 2012
- ^ Reed, Stanley (15 April 2007), "Mittal & Son", wwww.businessweek.com (Bloomberg LP), "Arcelor Mittal's headquarters may be in Luxembourg, Aditya says, but the "power is in London.""
- ^ ArcelorMittal fact book, ArcelorMittal, Number of employees, pp.50-1, alt. link. pp.46-7 (pdf)
- ^ "ArcelorMittal, BGL et Cactus sont les premiers employeurs du Luxembourg", www.wort.lu (in French), 21 June 2011
External links
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Wikinews has related news: Arcelor declares merger with Mittal Steel |
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