On 1 August 2006, Arcelor and Mittal Steel merged to create the world’s leading steel company. Now the company is marking its 10-year anniversary.
ArcelorMittal, the global behemoth that swooped in and took over many of Northwest Indiana’s big steel mills after the domestic steelmaking industry collapsed, marked its 10-year anniversary recently.
“Steelmaking is our passion and it is this passion that will continue to drive ArcelorMittal for many years to come,” ArcelorMittal Chairman and CEO Lakshmi Mittal said in a statement.
Mittal founded Mittal Steel in 1976, and it became the largest steelmaking company in the world when it merged with Belgium-based Arcelor in 2006. Mittal had swallowed up the former Inland Steel, LTV Steel and Bethlehem Steel mills in Northwest Indiana before that, creating a North American steel colossus.
Today ArcelorMittal remains one of the largest employers in the region with more than 9 500 workers. Over the last decade ArcelorMittal has made 890 million tons of steel that’s been used in 160 countries around the world. The company estimated it has contributed more than $700 billion to the global economy.
“Much has changed since that time and many of the past 10 years have been tough for commodity and industrial companies, including steel companies. But the logic of the merger is as sound today as it was in 2006 and I am convinced it helped us to navigate this highly challenging environment and remain the world’s leading steel and mining company,” Mittal said.
ArcelorMittal has invented more than 250 grades of steel after investing $2.5 billion in research and development, including the creation of new automotive steels at ArcelorMittal Global R&D in East Chicago, US.
“We have faced tough market conditions but in many ways we are a stronger company, better positioned for the future with world-class assets and a clear strategy that will enable us to outperform in all market conditions,” Mittal said.
ArcelorMittal is now the leading supplier of steel in all the major markets such as automotive, construction, appliances and packaging.