Mittal Steel’s planned merger is on track
As previously reported by SteelOrbis in late October,
Netherlands-based steel producer Ispat International N.V would acquire LNM Holdings. After the takeover is completed, the new name of the company will be Mittal Steel Company N.V, and then Mittal Steel will merge with Ohio-based International Steel Group (ISG).
The planned merger reportedly is still on track, but will be completed few months later.
ISG, which was formed in 2002, built itself as nation's top producer by buying bankrupt steel mills and making them profitable again.
When the merger and the acquisition are finalized, Mittal Steel Company will be the largest and among the most profitable steel companies in the world.
The merger of the new Mittal Steel with ISG is expected to complete by the end of March 2005, if the merger is approved regulators and shareholders.
ISG has a capacity of 20 million tons per year. Ispat International has facilities in six countries and has a capacity of 18 million tons per year.
LNM Holdings is among the top five global producers, with a capacity of 32 million tons and operations in seven countries.