Arcelor Mittal: Made of Steel

Arcelor Mittal is a multinational steelmaking company which was formed from the merger of the Arcelor and Mittal steel companies in 2006. It is the world’s largest steel company and is headquartered in Luxembourg city.

A little background of Arcelor Mittal

Arcelor’s origins can be found in the Luxembourgian company Aciéries Réunies de Burbach-Eich-Dudelange (ARBED SA), which was established in 1911. The company was the result of a merger of the following companies:  Les Forges d’Eich, Le Gallais, Metz et Cie. (established in 1838 under a different name); La Société Anonyme des Mines du Luxembourg et Forges de Sarrebruck (1856); and La Société Anonyme des Hauts Fourneaux et Forges de Dudelange (1882). 

ARBED SA was involved in all stages of steel processing and manufacturing through its subsidiaries and affiliate companies. From the extraction of coal and iron ore from its own mines to the production of rolled-steel products and some finished products, especially wire, ARBED SA was the main steelmaker in Luxembourg and, by the end of the 1970s, the only remaining steelmaker. The government also held about one-third of ARBED SA’s ownership.

Bethlehem Steel partnership in the 1980s

In 1980, ARBED SA partnered with Bethlehem Steel Corporation, an American steel company, to produce Galvalume, a sheet steel product patented by Bethlehem, which was to be sold to Europe and abroad.

1990s e-commerce

In the 1990s, ARBED SA became more involved in electronic commerce and in 2001 it merged with the Spanish company Aceralia and the French company Usinor to form Arcelor.

1976: Mittal Steel

Mittal Steel was founded in Indonesia in 1976 by Lakshmi Mittal, whose father owned a steel mill in Calcutta in the 1960s.

In 1989, Mittal bought the state-owned steel mills in Trinidad and Tobago that were not doing well. A year later, that site doubled its work and was making money. He used the same method to buy and fix up failing (mostly government-run) businesses around the globe, sending in his teams to restructure them and make them more efficient and profitable.

2006 hostile takeover and the birth of Arcelor Mittal

In 2006, Mittal tried to take over Arcelor in a hostile takeover, but the government in Luxembourg said no at first. By the end of the year, they gave in, letting the two firms join as ArcelorMittal.

Paris Olympics 2024

ArcelorMittal, owned by Indian boss Lakshmi Mittal, is showing off its green, low-carbon steel work with the Olympics and Paralympics in Paris. This week, the company said its recycled and renewablyproduced XCarb steel will be the material out of which the Torches traveling around the world, the Olympic Rings now up on Paris’s Eiffel Tower, and the Paralympics symbol Agitos on the Arc de Triomphe will be made of.

The Paris Olympics 2024 marks a new record by using the same torches again, cutting down on waste with just 2,000 torches needed instead of 12,000. Ian Louden, who leads the Brand team at Arcelor Mittal, told media that the Games are seen as more than just sports.

They aim to bring people together under the ideals of fairness, peace, and shared values. He pointed out the equal number of men and women athletes in the Paris 2024 Games as an example of the kind of community events that his company backs.

Arcelor Mittal’s collaboration with the London 2012 Olympic Games led to the creation of the ArcelorMittal Orbit, designed by Anish Kapoor. For the Paris Games, the company is providing steel and manufacturing expertise for the Torch, designed by Mathieu Lehanneur, as well as the “Spectaculars” – the Olympic Rings and Agitos, a project led by Professor Pierre Engel.

The Rings, positioned between the first and second floors of the Eiffel Tower, represent the continents of the world and are illuminated in white at night. The Agitos remains coloured throughout the day and night, adding a vibrant touch to the iconic Paris landmarks.

Arcelor Mittal CEO Aditya Mittal highlighted the importance of the Olympics and that being an official partner of the Paris 2024 Olympic was an amazing opportunity to demonstrate the beauty, versatility, and potential of steel. The company’s XCarb products are made with the electric arc furnace route, using high levels of scrap steel and 100% renewable energy, which results in a low carbon footprint.

Chairman Lakshmi Mittal said that the Paris 2024 Games express Arcelor Mittal’s values, including the brand’s determination for excellence, support for inclusion and diversity, and its commitment to achieving net zero emissions.

The “Spectaculars” are expected to remain atop Paris landmarks beyond the Olympic Games, with the Mayor planning to keep them until the end of 2024.

AP&T and Arcelor Mittal deepen their cooperation in press hardening

According to a press release announcement dated 16 July 2024, Arcelor Mittal and AP&T are deepening their cooperation in order to meet the automotive industry’s growing demand for larger and more complex press-hardened components.

AP&T and Arcelor Mittal are deepening their cooperation as the automotive industry’s demands are growing and expanding.

Dr. Christian Koroschetz, Head of Products and Marketing at AP&T explained that the partnership will allow them to gain a competitive edge and accelerate the production of greener cars. He praised both companies’ expertise and quality of materials.

Press hardening systems market leader AP&T and leading manufacturer and supplier of steel for press hardening Arcelor Mittal will join their powers one more time, after several years of cooperation, to meet the new demands and global challenges for safer, lighter, and more cost-effective solutions.

Arcelor Mittal in a Glimpse

Date: 2006 – present

Ticker: MT

Share Price: €20.67 (16 July 2024)

Market Cap: €17.57 billion

Annual Revenue: $66.06 billion

Earnings Per Share (Prev. Year): $5.64

Average Volume: 2.86 million

Dividend Yield: 2.23%

P/E Ratio:25.75

Primary Exchange: AMS

Sector: Manufacturing

Industry: Steel

CEO: Aditya Mittal

Headquarters: Luxembourg

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