Shareholders give Mittal-ISG merger green light
Mittal Steel Company N.V. announced that shareholders of the company unanimously approved the acquisition of International Steel Group (ISG) at an extraordinary general meeting held in Rotterdam. On the other side of the Atlantic, shareholders of ISG overwhelmingly approved the merger at a special meeting in New York. The final vote tally was 69.1 million in favor versus 277'389 votes against. With the acquisition of ISG, Mittal Steel becomes the world's largest steel producer. Furthermore, the company is showing no signs of stopping its expansion any time soon. Now topping the list of targets is China's Hunan Valin Steel Ltd. Mittal plans to acquire Hunan in the second quarter, pending approval from Beijing.