History
| This section may need to be updated. Please update this section to reflect recent events or newly available information. Please see the talk page for more information. |
ArcelorMittal was created by the takeover of western european steel maker Arcelor by India based multinational steel maker Mittal Steel in 2006, at a cost of €40.37 per share, approximately $33billion total. Mittal Steel launched a hostile takeover bid which replaced a previous planned merged between Arcelor and Severstal, which had lacked sufficient shareholder approval. The resulting merged business was named ArcelorMittal and headquartered in Luxembourg.
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. In October 2008, the market capitalisation of ArcelorMittal was over $30 billion.
In December 2008, ArcelorMittal announced several plant closings, including the Bethlehem Steel plant in Lackawanna, New York, and LTV Steel in Hennepin, Illinois, U.S.A.
On 30 June 2010, the European Commission fined 17 steel producers a total of €518M for running a price-fixing cartel, with ArcelorMittal being fined over €270 million.
On 26 January 2011, the Stainless steel division split off as a new company, Aperam.
In 2012 the company had $22 billion of debt. As of 2012, due to overcapacity and reduced demand in Europe it had idled 9 of 25 blast furnaces; in October 2012 it permanently shut down two blast furnaces at Florange.
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.
Read more about this topic: Arcelor Mittal
Famous quotes containing the word history:
“No cause is left but the most ancient of all, the one, in fact, that from the beginning of our history has determined the very existence of politics, the cause of freedom versus tyranny.”
—Hannah Arendt (1906–1975)
“The thing that struck me forcefully was the feeling of great age about the place. Standing on that old parade ground, which is now a cricket field, I could feel the dead generations crowding me. Here was the oldest settlement of freedmen in the Western world, no doubt. Men who had thrown off the bands of slavery by their own courage and ingenuity. The courage and daring of the Maroons strike like a purple beam across the history of Jamaica.”
—Zora Neale Hurston (1891–1960)