Business Services Industry
Billionaire Mittal to buy International Steel Group for $4.5 billion.
Knight Ridder/Tribune Business News, October, 2004
By Paul Adams, The Baltimore Sun Knight Ridder/Tribune Business News
Oct. 26--International Steel Group founder Wilbur Ross, who pieced together the nation's largest steel producer from the bankrupt remnants of Bethlehem Steel and LTV Steel Corp., agreed to sell his company to Indian-born billionaire Lakshmi Mittal for about $4.5 billion, creating the world's largest steelmaker.
The transaction, which labor leaders and company officials said could solidify the future of ISG's Sparrows Point plant in Baltimore County, will have operations in 14 countries, generate sales of more than $31.5 billion and employ 165,000 workers.
"I don't see any downside with the exception of the fact that anytime there's a change in the structure of the...
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