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BUSINESS
By June Arney and June Arney,Sun reporter | August 30, 2007
The majority owner of the Sparrows Point shipyard has filed a federal lawsuit accusing Mittal Steel USA Inc. of denying it access to the main shipyard gate, forcing truck traffic into dangerous and time-consuming back routes. The lawsuit filed in U.S. District Court in Baltimore this week seeks actual damages of more than $75,000 plus $500,000 in punitive damages against Mittal, which owns the former Bethlehem Steel complex at Sparrows Point. A Mittal spokesman said yesterday that the company does not comment on pending litigation.
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BUSINESS
By Bloomberg News | May 9, 2008
NEW YORK - ArcelorMittal, the world's biggest steelmaker, is suing Esmark Inc. for failing to complete a $1.35 billion purchase of the Sparrows Point steel plant. Mittal is seeking more than $540 million in damages in New York state court. ArcelorMittal's agreement with a joint venture headed by Esmark, a Chicago-based metals distributor, was canceled in December after the buyer failed to secure financing. ArcelorMittal, based in Luxembourg, sold the plant to Russian steelmaker OAO Severstal for $810 million in a sale overseen by a court-appointed trustee.
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BUSINESS
By ALLISON CONNOLLY and ALLISON CONNOLLY,SUN REPORTER | July 19, 2006
Mittal Steel Co. NV said yesterday that it has succeeded in its $32 billion takeover bid for Luxembourg-based Arcelor SA, having acquired half of Arcelor's shares. While the final tally won't be announced until next Wednesday, Mittal officials said they are confident that enough Arcelor shareholders have agreed to sell their shares to Mittal, which is based in Rotterdam, the Netherlands. The merger would create the world's largest steelmaker, to be called Arcelor-Mittal, with annual production of more than 110 million tons.
NEWS
By M. William Salganik and M. William Salganik,Sun reporter | March 22, 2008
The current owner of Sparrows Point is a rapidly growing multinational steel giant controlled by one of the world's richest men. Sparrows Point's new owner will be a rapidly growing multinational steel giant controlled by one of the world's richest men. But there are some key differences. Seller ArcelorMittal is controlled by the world's fourth-richest man, Lakshmi N. Mittal, according to Forbes magazine, which this month estimated his net worth at $45 billion. Mittal was already a billionaire when he began buying up steel companies, and the behemoth he's assembled is the world's biggest steelmaker.
BUSINESS
By Allison Connolly and Allison Connolly,Sun reporter | May 17, 2007
Mittal Steel Co. NV should wrap up the sale of its Sparrows Point mill within the next six to eight weeks - longer than the timetable initially set by the Justice Department, Chief Executive Officer Lakshmi N. Mittal said yesterday. Mittal said that "good progress" was being made on the proposals received and that a result would be announced within that time frame "or before." His comment came during a conference call originating in Luxembourg to discuss first-quarter earnings. Under the Justice Department order issued Feb. 20, Mittal had 90 days to find a buyer for the Baltimore County steel mill.
BUSINESS
By BLOOMBERG NEWS | May 20, 2006
Mittal Steel Co. increased a hostile bid for Arcelor SA by 34 percent to 25.8 billion euros ($32.9 billion), gaining investor support for the steel industry's biggest takeover. "We are definitely seduced by this new offer," said Francois de Rambuteau, who manages $2.3 billion at Cholet-Dupont Gestion SA in Paris, including Arcelor shares. "It was clear to everybody that the earlier offer was insufficient. All depends now on the performance of Mittal shares." Mittal, based in Rotterdam, Netherlands, and owner of the plant at Sparrows Point in Baltimore County, raised the cash-and-stock proposal to 37.74 euros for each Arcelor share, 18 percent higher than Arcelor's closing price yesterday, according to an e-mailed statement.
BUSINESS
By Allison Connolly and Allison Connolly,Sun reporter | November 7, 2006
Steel magnate Lakshmi N. Mittal tightened his grip on the world's largest steelmaker yesterday, becoming chief executive officer of Arcelor Mittal three months after he engineered a stunning takeover of his biggest rival. Mittal was to share leadership responsibilities of the combined company with Roland Junck, his counterpart at Arcelor, largely in an effort to smooth resentment from the protracted fight over the $38 billion merger. In August, after the merger was approved by shareholders, Mittal was named president of the board of directors and Junck CEO. Arcelor Mittal owns the Sparrows Point steel mill and controls 10 percent of the world's steel production, topping 110 million tons per year.
BUSINESS
By BLOOMBERG NEWS | September 27, 2006
RIO DE JANEIRO, Brazil -- Mittal Steel Co. NV, the world's largest steelmaker and owner of the Sparrows Point steel mill, is reviewing a Brazilian regulatory order that may raise the cost of its $38 billion merger with Luxembourg-based Arcelor SA by almost 10 percent. Mittal's combination with Arcelor is considered a takeover under Brazilian law, the securities regulator, known as the CVM, said on its Web site Monday night. The ruling requires Mittal to bid for shares it doesn't own in Arcelor's Brazilian unit.
BUSINESS
By ALLISON CONNOLLY and ALLISON CONNOLLY,SUN REPORTER | June 1, 2006
Mittal Steel Co. NV has begun showcasing its Sparrows Point steel mill to potential buyers, believing that it might have to sell the plant for antitrust reasons if it wins a hostile takeover fight for its biggest global rival, Arcelor SA. Mittal officials confirmed yesterday that representatives of German steelmaker ThyssenKrupp AG expressed interest after touring the Baltimore County complex last week. Plant general manager Thomas Russo declined to comment on the ThyssenKrupp visit, other than to say he was "glad we have interest."
BUSINESS
By Allison Connolly and Allison Connolly,SUN REPORTER | September 28, 2006
Mittal Steel Co. NV said yesterday that it plans to sell its Weirton, W.Va., mill rather than Sparrows Point if it's compelled to dispose of a U.S. property to settle antitrust issues. Netherlands-based Mittal said it had identified at least 10 potential buyers for the West Virginia property, easing concerns at the Baltimore County plant, which Mittal acquired in 2005. Sparrows Point employs nearly 2,500 salaried and hourly workers. Mittal must sell either Weirton, Sparrows Point or Canadian steelmaker Dofasco in the wake of its $38 billion merger with Luxembourg-based Arcelor SA to appease Justice Department officials, who say the combined company, Arcelor Mittal, would have a monopoly on tin production in the United States.
BUSINESS
By Allison Connolly and Allison Connolly,Sun reporter | December 19, 2007
With the dust barely settled on E2 Acquisition Corp.'s $1.35 billion failed bid to buy the Sparrows Point steel mill, the United Steelworkers are pointing fingers at owner ArcelorMittal and E2's strategic partners for causing the deal's collapse. In a letter to members, Steelworkers Negotiation Committee Chairman David McCall and John Cirri, president of Local 9477, which represents workers at Sparrows Point, said ArcelorMittal waited too long to begin serious bargaining over union benefits.
BUSINESS
By Allison Connolly and Allison Connolly,Sun reporter | December 8, 2007
The sale of Sparrows Point is facing a Tuesday deadline -- the latest hurdle in the effort to complete the $1.35 billion deal. Owner Mittal Steel Co. NV of the Netherlands was unable to meet a Nov. 30 target to sell the Baltimore County plant to global investment group E2 Acquisition Corp., which is led by Esmark Inc., of Chicago Heights, Ill. The Justice Department ordered Mittal to sell Sparrows Point as part of a consent decree resolving antitrust issues arising from its merger with Arcelor SA of Luxembourg, creating the world's largest steelmaker.
BUSINESS
By Allison Connolly and Allison Connolly,Sun reporter | November 14, 2007
The local that represents workers at Sparrows Point is questioning the sale of the plant to an investment group led by Chicago-based Esmark Inc. United Steelworkers Local 9477 President John Cirri said yesterday that he sent a formal letter to the international union body - which had petitioned the Justice Department on Esmark's behalf to approve the deal - asking it to reconsider its support of the sale. Esmark and a group of investors and suppliers formed E2 Acquisition Corp. to purchase Sparrows Point from Mittal Steel Co. NV, of the Netherlands.
BUSINESS
By Allison Connolly and Allison Connolly,SUN REPORTER | November 13, 2007
The sale of the Sparrows Point steel mill won't close before the end of the month at the earliest, according to the head of the joint venture slated to take over the Baltimore County complex. Craig T. Bouchard, chief executive of the investment group E2 Acquisition Corp., said yesterday that E2's $1.35 billion deal to buy Sparrows Point from Mittal Steel Co. NV, of the Netherlands, remains on track but is taking longer than expected because it is complex. The joint venture is led by Chicago-based Esmark Inc., a metals distributor turned steelmaker.
NEWS
By Laura Barnhardt and Laura Barnhardt,sun reporter | September 10, 2007
A decade ago, Bethlehem Steel promised to clean up its sprawling Sparrows Point plant and to curb pollution that had fouled the air, water and land for more than a century. But as the fourth owner in four years prepares to take over, some Dundalk residents say they wonder what happened to the extensive cleanup ordered by federal and state environmental officials. "Over the last 10 years, I question what has changed," said Sharon Beazley, a Dundalk community activist. For example, kish - a shiny metallic grit - sometimes fills the air and covers neighborhoods when the company dumps unwanted molten iron, residents say. Officials from the U.S. Environmental Protection Agency and the Maryland Department of the Environment say there has been progress and that the next owners will be bound to make good on the 1997 consent agreement by Bethlehem Steel.
NEWS
September 3, 2007
Ahalf-century ago, at the height of the labor movement in this country, Sparrows Point was the largest steel mill in the world. Today, it may not employ tens of thousands of steelworkers as it did in those boom years, but despite all the adversity the mill has faced from mounting global competition to Bethlehem Steel's bankruptcy in 2003 to the layoffs of recent years, it remains Baltimore County's second-largest employer and an important economic asset...
BUSINESS
By Allison Connolly and Allison Connolly,Sun reporter | December 8, 2007
The sale of Sparrows Point is facing a Tuesday deadline -- the latest hurdle in the effort to complete the $1.35 billion deal. Owner Mittal Steel Co. NV of the Netherlands was unable to meet a Nov. 30 target to sell the Baltimore County plant to global investment group E2 Acquisition Corp., which is led by Esmark Inc., of Chicago Heights, Ill. The Justice Department ordered Mittal to sell Sparrows Point as part of a consent decree resolving antitrust issues arising from its merger with Arcelor SA of Luxembourg, creating the world's largest steelmaker.
BUSINESS
By Jay Hancock and Jay Hancock,Sun Columnist | February 21, 2007
Getting sold by Mittal Steel might be the best thing to happen to Sparrows Point in a long, long time. Change always prompts discomfort. But for the century-old steel mill, the uncertain future unveiled yesterday looks a heck of a lot better than the certain past, in which the plant has been deprived of investment, squeezed of cash and pointed toward long-term obsolescence. With a new owner, Sparrows Point won't be just a branch office of the world's biggest steelmaker. It won't be forced to compete for financial oxygen against sister Mittal mills.
BUSINESS
By June Arney and June Arney,Sun reporter | August 30, 2007
The majority owner of the Sparrows Point shipyard has filed a federal lawsuit accusing Mittal Steel USA Inc. of denying it access to the main shipyard gate, forcing truck traffic into dangerous and time-consuming back routes. The lawsuit filed in U.S. District Court in Baltimore this week seeks actual damages of more than $75,000 plus $500,000 in punitive damages against Mittal, which owns the former Bethlehem Steel complex at Sparrows Point. A Mittal spokesman said yesterday that the company does not comment on pending litigation.
BUSINESS
By Paul Adams and Paul Adams,Sun reporter | August 7, 2007
The prospective owner of Sparrows Point steel mill told workers yesterday that he plans to run the Baltimore County plant at full capacity and invest in new facilities, which could lead to more jobs and construction on the 3,000-acre site. Craig Bouchard, who heads the global investment group that is buying the plant, said future projects could include developing an iron ore processing plant and building a new coal-fired power plant. Excess power from the power plant could be sold into the regional power grid, generating profits and helping to alleviate the region's growing power shortage.
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