Arcelor Mittal - The Global Leader In Steel
Steel is basic to life and used virtually everywhere. Steel manufacturing dates back to ancient times, the Wootz and Damascus steel being the most known types of steel. Today steel incorporates a small percentage of carbon. Special purpose steel uses manganese, chromium, tungsten and vanadium in the alloy to give special characteristics of hardness, tensile and flexural strength, according to the application.
From small smelters, steel today has evolved into a sophisticated technique and dozens of steel units globally manufacture thousands of tons. Leading them all is Arcelor Mittal, the global leader in steel. Lakshmi Mittal Group acquired Arcelor SA in 2006 through a turbulent process and merged into the company known as Arcelor Mittal, worth over Pounds 100 billion today. Lakshmi Mittal, owner of Mittal Steel is the president of this global leader in steel industry. It ranks 99th in the 2010 Fortune 500 global list.
Arcelor Mittal employs over 5000 people and has a turnover of $ 105.2 billion. It accounts for 10% of the world steel production at 116 million tons. Arcelor Mittal is the story of the steely resolve of a man, Lakshmi Mittal, who rose from nowhere and has today become of the world's richest man, certainly the richest in Britain, through grim determination and business acumen. He joined the family's steel business but went on to found LNM group at the age of 26. Progress came through setting up a steel manufacturing unit in Indonesia. He stepped up the ladder by acquiring the ailing Karmet Steel Worksin Temirtau, Kazakhstan, paving the way for his entry into the big league of international steel manufacturers.
Lakshmi Mittal's name is today synonymous with steel. To achieve total integration he is planning to secure coal and coking rights and iron ore deposits, with investments in shipping and transport to cut costs and increase profitability. Arcelor Mittal has a global presence and plans to enter China and India. Its market capitalization is a whopping $ 35.37 billion. The company is on an acquisition spree with global steel prices spurting from $ 240 a ton in 2002 to $ 1000 a ton today.
Arcelor Mittal is perhaps the only steel manufacturing company to offer a diverse range of steel products that include flats, carbon steel, stainless steel, alloys. It may well lay claim to being the world's larges manufacturer of tubular steel products. In addition it has interests in mining, logistics, real estate in France and production of copper foil for electronic PCBs. This is as much a story about Arcelor Mittal as it is about Lakshmi Mittal, showing that with vision and determination it is possible to scale great heights. With an industrial presence in over 20 countries, the company pays special attention to the health, safety, and well being of its employees and contractors in the areas it operates. The company is also committed to the environment and reducing its carbon footprint. Arcelor is currently listed on all the major stock exchanges in New York, Amsterdam, Paris, Brussels, Luxembourg, and four major Spanish stock exchanges as well.