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Case Title:

Lakshmi Niwas Mittal – Spearheading Consolidation in the Global Steel Industry

Publication Year : 2005

Authors: Kalyani Vemuri, T Phani Madhav

Industry: Minerals, Metals and Mining

Region:USA

Case Code: INA0032

Teaching Note: Not Available

Structured Assignment: Not Available

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Abstract:
Lakshmi Niwas Mittal, also called the 'Carnegie of Steel', built his steel empire by aggressively acquiring poorly performing steel plants at low prices in places like Trinidad & Tobago, Kazakhstan, Romania, Germany, Poland, Canada and America and turning them around into money-spinners. He is considered to be an industry visionary, spotting trends much before his contemporaries and investing accordingly. In October 2004, Mittal announced that LNM would be acquiring International Steel Group of the US for $4.5 billion. If regulatory authorities approve, this could make the combined entity, named Mittal Steel the largest producer of steel in the world, surpassing the current world leader, Arcelor.

Pedagogical Objectives:

  • To discuss the impact, this proposed acquisition would have on the global steel industry
  • To discuss the current and future levels of consolidation in global steel and the risks that companies like LNM would encounter
  • To discuss the 'demand from China' factor which is further driving consolidations in the steel sector.

Keywords : Entrepreneurship Case Study, Lakshmi Niwas Mittal, LNM Holdings, Mittal Steel, International steel group, Global steel industry, Consolidation in the steel industry, China's demand for steel, Direct reduced iron, LNM's acquisition strategy, Wilbur Ross Jr, Raw material prices in the steel industry

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