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Luxembourgish steel manufacturing corporation From Wikipedia, the free encyclopedia
ArcelorMittal S.A. is a Luxembourg-based multinational steel manufacturing corporation headquartered in Luxembourg City. It is ranked second on the list of steel producers, with an annual crude steel production of 78 million metric tonnes.[1] It has steel-making operations in 15 countries, including 37 integrated and mini-mill steel-making facilities.[1] In 2023, the company's production was 39% in the Americas, 50% in Europe and 11% in other countries, such as South Africa and Ukraine.[1] The company is vertically-integrated and produces 57% of its iron ore needs, 7% of its coal needs, 98% of its coke needs, and 59% of its scrap and direct reduced iron needs.[1]
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Former ArcelorMittal headquarters in Luxembourg, popularly known as the ARBED building | |
| Company type | Public |
|---|---|
| Euronext Amsterdam: MT NYSE: MT CAC 40 component AEX component | |
| ISIN | LU1598757687 |
| Industry | Steel industry |
| Predecessors | Arcelor Mittal Steel Company |
| Founded | 2007 |
| Headquarters | 24-26, Boulevard d’Avranches, Luxembourg City, Luxembourg |
Area served | Worldwide |
Key people | Aditya Mittal (CEO) Lakshmi Mittal (executive chairperson)[1] |
| Products | Steel, flat steel products, long steel products, wire products, plates |
| Revenue |  US$68.275 billion (2023) [1] |
| US$2.340 billion (2023)[1] | |
| US$919 million (2023)[1] | |
| Total assets | US$93.917 billion (2023)[1] |
| Total equity | US$56.068 billion (2023)[1] |
| Owner | Lakshmi Mittal and his family (39.87%)[1] |
Number of employees | 126,756 (2023)[1] |
| Subsidiaries | Disteel, Dillinger Hütte, Dofasco, Aperam South America, Creusot-Loire, ARBED, ALZ (steelworks), Arcelor |
| Website | corporate |
| Footnotes / references [1] | |
The company is ranked 190th on the Fortune Global 500.[2]
The company is 39.87% owned by Lakshmi Mittal and his family and 56.20% of the company is publicly-traded.[1]
The Company has iron ore mining activities in Brazil, Bosnia, Canada, Liberia, Mexico, Ukraine, South Africa and, via its joint venture in India and associate in Baffinland in Canada.[1] The company's market share in the production of steel for the automotive industry is 15%.[1]
The company makes 200 unique steel grades for automotive purposes. Among the steel varieties are Usibor 2000, which the company announced in June 2016 and released later that year. Upon release, the high-strength automotive steel was said to be about one-third stronger than other steels then available for carmaking.[3]
ArcelorMittal is the largest private employer in Luxembourg. At the beginning of 2014, it employed 4,600 employees in the Grand Duchy.[4]
ArcelorMittal was formed in 2007 from the $33 billion acquisition of Arcelor by Mittal Steel Company.[1][5] The merger was consummated after Mittal Steel Company raised its bid for Arcelor and the Mittal family agreed to relinquish its controlling stake in the company and execute a standstill agreement not to acquire a controlling interest without approval from independent directors.[6][7][8] The resulting firm produced approximately 10% of the world's steel, and was by far the world's largest steel company.[9]
In August 2007, the company acquired Sicartsa, operator of a plant in Mexico, from Grupo Villacero for $1.44 billion.[10]
In October 2007, the company acquired 90% of Rongcheng Chengshan Steelcord, a Chinese steel wire company, for $26.6 million.[11][12]
In November 2007, the company increased its stake in China Oriental Group to over 73%, becoming the first foreign company to control a steel mill in China.[13]
In April 2008, the company, in partnership with its joint venture partner Nippon Steel announced a $240 million investment to double galvanized production capacity at their I/N Kote with the addition of a new $240-million continuous galvanizing line.[14][15]
In December 2008, the company sold the Bethlehem Steel plant in Lackawanna, New York and the Sparrows Point Mill to Severstal, to satisfy conditions for regulatory approval of the merger with Arcelor.[16][17]
In December 2008, during the Great Recession, the company closed its steel mill in Hennepin, Illinois.[18] In 2017, it was demolished.[19]
In July 2009, the company acquired Noble’s European Laser Welded Operations as part of the bankruptcy of Noble International.[20]
In January 2011, the company completed the corporate spin-off of its stainless steel division, Aperam.[21][22]
In May 2012, the company sold Skyline Steel and Astralloy to Nucor for $605 million.[23][24][25]
As of July 2012[update], due to overcapacity and reduced demand in Europe, it had idled 9 of 25 blast furnaces.[23]
In October 2012, it permanently shut down two blast furnaces in Florange, France.[26]
In May 2013, the company sold a 15% interest in its Labrador Trough iron ore mining and infrastructure asset to Posco and China Steel for $1.1 billion.[27][28][29]
On 26 February 2014, ThyssenKrupp sold its carbon steel facility in Calvert, Alabama to ArcelorMittal and Nippon Steel for $1.55 billion. The facility was renamed AM/NS Calvert through the 50/50 joint partnership with Nippon Steel & Sumitomo Metal Corp.[30][31]
In September 2014, ArcelorMittal and Gerdau sold Gallatin Steel to Nucor for $770 million.[32]
In February 2016, the company sold its 35% stake in Gestamp Automacion to the Riberas family for €875 million.[33][34]
In June 2016, the company announced the launch of a new high strength steel.[3]
In February 2017, ArcelorMittal and Votorantim announced plans to combine their long steel operations in Brazil. Under the deal, Votorantim Siderurgia became a subsidiary of ArcelorMittal Brasil.[35][36][37][38]
In 2017, ArcelorMittal and the Steel Authority of India Ltd (SAIL) agreed on preliminary terms to form a $913 million joint venture to export a fifth of the auto-grade steel made by the venture.[39][40]
In March 2017, the company proposed a US$6.5 billion steel project in Karnataka, after entering into a pact with the Karnataka government in February 2017.[41]
In April 2017, the company sold Georgetown Steelworks in South Carolina to Sanjeev Gupta's Liberty House Group.[42]
In November 2018, a consortium led by ArcelorMittal acquired Ilva, owner of the Taranto steelworks in southern Italy, which has Europe's largest steel output, for €1.8 billion. To receive approval, the consortium agreed to invest €2.4 billion into Ilva, renamed ArcelorMittal Italia, while the state agreed to invest €2 billion.[43][44] ArcelorMittal accused the state of not investing the agreed-upon amount and, in February 2024, Italy's industry minister took control of the venture in a manner similar to a bankruptcy, after an increase in energy prices and a drop in rolled steel coil prices led the venture to accumulate huge debts.[45]
In March 2019, the company, in partnership with Nippon Steel, acquired Essar Steel, which had filed for bankruptcy protection.[46]
In July 2019, the company sold seven major steelworks and five service centers in seven European countries to Sanjeev Gupta's Liberty House Group.[47]
In August 2019, the company took over management of Hibbing Taconite, of which it owns 62.3%, from Cleveland-Cliffs.[48]
Also in August 2019, the company acquired Legault Métal.[49]
In December 2020, the company sold ArcelorMittal USA, which had 2019 revenues of $17 billion, to Cleveland-Cliffs for approximately $1.4 billion.[50][51][52][53][54]
In March 2022, the company acquired John Lawrie Metals, a metals recycler in Scotland.[55]
In May 2022, the company acquired 10 scrap yards in the south of Germany.[56][57]
In July 2022, the company acquired an 80% interest in Voestalpine's hot-briquetted iron plant near Corpus Christi, Texas, based on a $1 billion valuation.[58]
In December 2022, the company acquired Riwald Recycling.[59]
In March 2023, the company acquired Companhia Siderúrgica do Pecém, owner of a 3-million-metric-ton blast furnace and slab plant in northeastern Brazil, for $2.2 billion.[60]
In April 2023, the company's joint venture with Nippon Steel acquired Indian Steel Corporation, which had filed for bankruptcy protection.[61]
In December 2023, the company sold its assets in Kazakhstan, the Temirtau steel mill and the Aktau pipe plant, for $286 million to a Kazakh state-owned investment fund.[62]
In August 2024, ArcelorMittal acquired a 27.5% interest in Vallourec, a producer of seamless steel tubes, from funds managed by Apollo Global Management for €955 million.[63][64]
In 2025, the company's South Africa division ended production of long steel products due to high logistic and energy costs.[65]
Acquired by Mittal Steel Company:
Acquired by Arcelor:
Comprised as follows:[1]
 | This section needs to be updated. (June 2017) |
Operated by ArcelorMittal:
Joint ventures:
ArcelorMittal reported Total CO2e emissions (direct + indirect) for 31 December 2020 at 150.8 Tg (teragram) (-31,100 /-17.1% y-o-y).[76] The decline accelerated compared to the CAGR of −7.2% since 4Q'18.
| Dec 2017 | Dec 2018 | Dec 2019 | Dec 2020 |
|---|---|---|---|
| 194,800[77] | 188,800[78] | 181,900[79] | 150,800[76] |
In 2010, the company's operating income fell to $4.9 billion, with sales down 10% from the year earlier, and income down 50 per cent as steel prices slumped.[23]
On 31 October 2012, the company reported a third-quarter loss of $709 million as compared to a $659 million profit for the same period a year ago, citing the slow down in China's economy.[80]
In 2015, the company had a net loss of $7.9 billion.[81]
In 2016 ArcelorMittal announced its first annual profits in five years, after cost-cutting measures.[82]
In July 2017, the company reported a 19.3% year-on-year rise in its earnings for the year's second quarter.[83][84]
In January 2018, black snow fell in the city of Temirtau, Kazakhstan, where an ArcelorMittal plant was located, which locals blamed on the plant. The company claimed that the discoloration of the snow was caused by a lack of wind which would otherwise blow the pollution away.[85][86][87][88][89][90]
Following an investigation first launched in 2008, in August 2016 the Competition Commission (South Africa) found the company guilty of price fixing. ArcelorMittal was fined US$110.9 million and, as part of the settlement, also agreed to invest R4.64 billion in capital over five years.[91] Between January 1984 and September 2002, the companies fixed the market, prices, and exchanged confidential corporate information.[92]
In July 2018, the Indiana Occupational Safety and Health Administration found five serious safety violations at the company's Indiana Harbor steel mill in East Chicago after the death of a steelworker while driving a golf cart at the facility with faulty brakes. The company was fined $21,000.[93]
The company entered into a $2.2 billion contract to develop an iron ore deposit in Senegal, including construction of a 750 km (466 mi) railway line. After it stalled on the contract and failed to build according to schedule, the government of Senegal sued. In September 2013, the government of Senegal won a court case before an international tribunal to rescind the deal. In June 2014, the International Chamber of Commerce's arbitration court in Paris awarded Senegal $150 million.[94][95]
In 2023, the company spent $23 million to buy 3 cargoes of coal from Russian companies sanctioned as part of international sanctions during the Russian invasion of Ukraine.[96]
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