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Ispat, LNM and ISG merge into Mittal Steel
Steel Business Briefing
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Company: Steel Business Briefing, United Kingdom
Attn: Kalin Rusef

Ispat International, LNM Holdings and US-based International Steel Group (ISG) are to merge into Mittal Steel, a new company, with a crude steel capacity of around 63m tonne/y (70m s.ton/year). Shipments of the combined companies this year are estimated at around 52m tonnes (57m tons). Forecast revenues will be over $31.5bn, and pro forma operating income for the year is likely to be $6.8-7bn.

The merging of LNM Holdings and Ispat International is an internal restructuring measure with no direct impact on the LNM Groups steelmaking capacity, but merging with ISG brings 18m tonnes (20m s.tons) of capacity.

Mittal Steel will be listed on the Rotterdam (Euronext) and New York stock exchanges, and headquartered in Rotterdam.

Lakshmi N. Mittal will be chairman and chief executive officer of Mittal Steel. Aditya Mittal will be president, group chief financial officer and a Board member. Malay Mukherjee will be chief operating officer. Wilbur L. Ross, chairman of ISG, will become a Board member of Mittal Steel and Rodney Mott, president and chief executive officer of ISG, will become chief executive officer of Mittal Steels combined US operations. Lakshmi Mittal will continue to be based in London, the company tells Steel Business Briefing.

The combination of Ispat International and LNM Holdings is expected to be completed by the end of 2004. The merger with ISG is expected to be completed by the end of the first quarter of 2005. When complete, Mittal Steel will have operations in 14 countries on four continents, and employ 165,000 people. A new website www.mittalco.com has been launched.


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