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Monday, December 20, 2004

Ispat completes LNM buy and changes name to Mittal

Privately-owned Dutch steelmaker Ispat International, headed by billionaire Lakshmi Mittal, completed its acquisition of LNM Holdingse, which controls Sidex.

The company, which will trade on the New York Stock Exchange and Euronext's Amsterdam stock exchange under the ticker symbol "MT", said that following the completion of the transaction its name was officially changed to Mittal Steel Company.

The new industry leader will outstrip current global No. 1 Arcelor in terms of output.
Steel magnate Lakshmi Mittal announced in October that he had agreed to buy International Steel Group (ISG) for $4.5 billion and merge it with his other assets.

Ispat operates in six countries in Europe and North America, has annual raw steel production capacity of over 18 million tons and expects to have $8.3 billion in revenue this year. Ispat shares have more than tripled over the course of the year, mostly following news of the merger.

Posted by Iulia Rasoiu : 12/20/2004 09:53:00 am