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Arcelor-Mittal
From Wikipedia, the free encyclopedia
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Arcelor-Mittal is a company founded in 2006 by merger between two steel companies, Arcelor and Mittal Steel.
The company is the largest steel producer in the world, accounting for about 10% of the total world steel production. Lakshmi Mittal (owner of Mittal Steel) is the president and chairman. Mittal's family will hold a 43.6% stake in this company. Counting all shareholders, 50.6% will be former Arcelor shareholders and 49.4% will be former Mittal shareholders.
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In addition to Lakshmi Mittal as president and chairman, the Board of Directors of the company consists of eighteen non-executive members with six nominated by Mittal, three chosen independently, six nominated by Arcelor, three chosen by existing Arcelor shareholders and three employee representatives.
The company is headquartered in Luxembourg, though Lakshmi Mittal works out of offices in Berkeley Square in London. In its current form, it is expected to have a planned capacity of 120 million tonnes. Its annual revenues are expected to be around $71.9 billion, earnings of $13.3 billion and market capitalization of about $46 billion and will have 320,000 employees.
Arcelor shareholders will receive 13 Mittal Steel shares and 155.60 euros in cash for 12 Arcelor shares. Mittal Steel is also offering 13 Mittal Steel shares and 188.42 euros in cash for 12 Arcelor convertible bonds. Current Arcelor shareholders will own 50.5 per cent of the combined group and the Mittal family 43.6 per cent of the capital and voting rights.
Guy Dolle, the former CEO of Arcelor quipped after the takeover bid, "My son is not on the management board" stating that Lakshmi Mittal's son was on the board of Mittal Steel. [1] After the takeover was finally complete, L.N. Mittal became CEO and his son and daughter are now on the Arcelor Mittal board.
- Arcelor-Mittal facts on TheStar.com
- Questions for the Arcelor-Mittal Deal.
Timeline of the Mittal Arcelor Deal- Financial Times Lakshmi Nivas Mittal (Man of Steel)- MSNBC
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