A big shake up in the steel world is about to create the industry’s biggest company. The Indian-born billionaire Lakshmi Mittal is to merge his various companies and at the same time buy the US based International Steel Group. Mittal, who lives in Britain, built his company by purchasing plants in Kazakhstan, the Czech Republic and other emerging markets, and has profited this year as steel prices surged. The new company, which is to be headquartered in Rotterdam in the Netherlands, will overtake Luxembourg’s Arcelor as the world’s largest steelmaker.
The new top company will have factories in countries on four continents with around 40% of its assets in Europe, 30% in the Americas and the rest in nations such as South Africa, Kazakhstan and Algeria. Lakshmi Mittal is reported to be the UK’s fifth-richest person, with a fortune of five billion euros.