Mittal Steel Company N.V. (NYSE: MT (http://www.nyse.com/about/listed/lcddata.html?ticker=MT)) is the world's largest steel producer. It's headquarter is in Rotterdam, The Netherlands. It was formed when Ispat International N.V. acquired LNM Holdings N.V. and merged with International Steel Group Inc. in 2004.
It employs 165,000 people. Expected revenue for 2004 is $22 billion. It produced 48 millions tonnes of steel during 2004, in front of Arcelor (42.8 Mt), and Nippon Steel (31.3 Mt).
Mittal said Tuesday morning that it had offered to reduce the founding family's control of the combined company, share management and the board with Arcelor as well as improve the terms of the deal, if Arcelor management agreed to sit down to negotiations.
Mittal's attempted takeover of Arcelor, a Luxembourg-based company with deep roots in France, has languished in part because of an entrenched political distaste in France for buyouts by outsiders.
MittalSteel also said Tuesday that if a friendly deal were brokered, it was prepared to enlarge its board to 14 members, which would include six from MittalSteel, six from Arcelor and two European executives from outside both companies.
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