ArcelorMittal

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ArcelorMittal S.A. is a multinational steel manufacturing corporation headquartered in Luxembourg City. Lakshmi Mittal is CEO and chairman of ArcelorMittal, which was formed in 2006 from the takeover and merger of Arcelor by Indian-owned Mittal Steel.[1] ArcelorMittal is the world's largest steel producer, with an annual crude steel production of 96.4 million metric tonnes in 2018.[2]

ArcelorMittal is a producer of flat carbon steel, long carbon steel and stainless steel; processing, finishing and distribution of steel. It is amongst the world's top 5 producers of iron ore and metallurgical coal, with operations in more than 60 countries. In 2010, the company produced an overall of 68.6 million tonnes of iron ore, and 7.4 million tonnes of coking and thermal coal. As of December 31, 2010, the operating income was $3.6 billion. [3]

In late-August 2011 it was announced that an offer put in by Peabody Energy and ArcelorMittal to purchase Macarthur Coal had been accepted. The purchase price was approximately $5.2 billion. Macarthur is a producer of pulverized coal that is sought after by steelmakers. The company was one of the few remaining independent midsize miners in Australia. The deal was subject to approval by U.S. regulators.[4] However in October 2011 ArcelorMittal pulled out from the US$ 5 billion joint bid at the last minute, a decision made as a result of being in debt and no longer has the capacity to allocate capital for a "minority business interest", according to a statement released by the company.[5]

History

ArcelorMittal was created by the takeover of Western European steel maker Arcelor (Spain, France, and Luxembourg) by Indian-owned multinational steel maker Mittal Steel in 2006, at a cost of €40.37 per share, approximately $33.1 billion total.[6] Mittal Steel launched a hostile takeover bid, which replaced a previous planned merger between Arcelor and Severstal that had lacked sufficient shareholder approval.[6]

The resulting merged business was named ArcelorMittal and was headquartered in Luxembourg City.[6]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.[7]

Predecessor companies

Acquired by Mittal Steel Company:

Acquired by Arcelor:

List is in progress.

Climate Commitments

"our global portfolio our goal is to be net zero by 2050 and in Europe our target is to reduce our CO2 emissions by 30% by 2030 over 2018. This means assessing all we do for its CO2 impact, particularly in terms of investment and product development."

Climate Action Report 2 July 2021

Carbon emissions

ArcelorMittal led the initiative Ultra Low CO2 Steelmaking, backed by the European Union, which is in the roll-out phase. This project aimed to develop a technology which reduces more than 50 per cent of carbon emissions after the implementation of carbon capture and sequestration (CCS). [11]

In the 2011 Greenpeace report on carbon-intensive industrial companies, ArcelorMittal was one of the biggest profiteers after receiving large emissions allowances. It was reported that the excess allowances themselves are likely to overtake Belgium's total annual emissions by 2012. [12]

Active government lobbying by the company in South Africa opposed the proposed carbon tax. In the company's submission to the government, it suggested the carbon tax will "to seriously impact on our profitability if pushed through… [and] undermine our competitiveness against both developing and developed country steel producers, which do not currently confront such a tax burden". [13]

Subsidiaries

The following companies are fully or partially owned/operated under ArcelorMittal

Major plant locations

Operated by ArcelorMittal:

Joint ventures:


List is in progress.


Existing Coal Mines

References

  1. ↑ World's Biggest Steelmaker Raising $3 Billion as Profits Plunge, Fortune, Feb. 5, 2016
  2. ↑ Top steelmakers in 2018, World Steel Association
  3. ↑ ArcelorMittal Annual Report 2010 "ArcelorMittal Annual Report 2010", ArcelorMittal website, accessed November 29, 2011.
  4. ↑ "Macarthur Bows to Raised Peabody and Arcelor Bid" Bettina Wessener, New York Times, August 30, 2011.
  5. ↑ Energy Global, "ArcelorMittal withdraws form Macarther Coal Bid", Energy Global website, accessed November 24, 2011.
  6. ↑ 6.0 6.1 6.2 Arcelor agrees to Mittal takeover, New York Times, James Kanter, Heather Timmons, Anand Giridharadas, Jun. 25, 2006
  7. ↑ Steel firm opts for Mittal offer, BBC News, Jun. 25, 2006
  8. ↑ 8.0 8.1 "LTV Steel Cleveland,OH assets sold". CNN Money. 27 February 2002.
  9. ↑ History of Republic Steel
  10. ↑ "Dofasco recommends acceptance of Arcelor bid". CBC News. 2006-01-24.
  11. ↑ ArcelorMittal Annual Report 2010 "ArcelorMittal Annual Report 2010", ArcelorMittal website, accessed November 29, 2011.
  12. ↑ Greenpeace, "Who's holding us back? How carbon-intensive industry is preventing effective climate legislation", Greenpeace website, accessed November 29, 2011.
  13. ↑ IOL, [http://www.iol.co.za/business/business-news/carbon-tax-will-hamper-job-plans-say-mines-1.1054069?ot=inmsa.ArticlePrintPageLayout.ot "Carbon tax will hamper job plans, say mines", IOL website, accessed November 29, 2011.
  14. ↑ ArcelorMittal takes over Hibbing Taconite management from Cliffs, StarTribune, Dee Depass, Dec. 31, 2019
  15. ↑ 15.0 15.1 "Algeria: Government takes over steel production from ArcelorMittal". North Africa Post. 8 October 2013. Retrieved 11 June 2017.
  16. ↑ "ArcelorMittal and Nippon Steel Corporation Announce $240 million Expansion at I/N Kote in New Carlisle, Indiana". Bloomberg L.P. 16 April 2008. Archived from the original on 4 March 2014. Retrieved 26 February 2014.
  17. ↑ Finch II, Michael (26 February 2014). "Sale of ThyssenKrupp Steel USA clears all regulatory approval". Press-Register. Mobile, Alabama. Retrieved 26 February 2014.

External links

Wikipedia also has an article on ArcelorMittal (ArcelorMittal). This article may use content from the Wikipedia article under the terms of the Creative Commons Attribution-ShareAlike 3.0 Unported License].

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