Mittal Steel gains 92 percent of Arcelor

Manufacturing News, Source : The Manufacturer US
Published : 26 Jul 2006 14:41

Mittal Steel, the world's biggest steel producer, announced on July 26 that it controls 91.88% of European steel maker Arcelor. This following Mittal's 25-billion-euro takeover bid, and according to an Agence-France Presse story.

Mittal Chairman Lakshmi Mittal called this a "resounding endorsement of the strategic logic and value of the merger of Mittal Steel and Arcelor," which creates a steel-making giant with 320,000 employees, about 10% of the world market, and a market share three times that of nearest rival Nippon Steel of Japan.

The 92 percent figure is a surprise to the market. Mittal announced on July 18 that it had acquired at least 50 percent of Arcelor shares, but, outside estimates were nearer to 60 percent.

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