March
The acquisition of Polskie Huty Stali (PHS), Poland’s leading steel-maker with
an annual capacity of 8.3 million tons, made the Company the leading steel-maker
in Central and Eastern Europe.
April
Joint venture agreement signed with RZR Ljubija for the development
of the Ljubija iron ore mines and limestone quarries in Bosnia Herzegovina.
Acquisition of Atansore iron ore mines in Kazakhstan
May
Acquisition of a 800,000 ton hot strip mill and a 750,000 ton cold rolling mill
in Macedonia.
June
Exclusive negotiating rights granted to acquire majority stake in BH Steel
in Bosnia Herzegovina.
Acquired control of Iscor, South Africa. The South African Competition Tribunal cleared the Company to lift its holding in Iscor beyond 50 per cent and take control of the company.
August
Acquisition of BH Steel completed.
October
Ispat International announced it was to acquire LNM Holdings to form Mittal Steel Company. At the same time, the new Mittal Steel announced it had agreed
to merge with International Steel Group in a transaction valued at $4.5 billion.
The combined Mittal Steel now ranks number one among world steel-makers
by output and revenues with 164,000 employees in 14 countries.
The Company announced a $1 billion investment programme in Central and Eastern Europe over the coming three to five years. The investment is targeted at moving the CEE operations into higher quality products.
December
The acquisition of LNM Holdings by Ispat International to form Mittal Steel was completed on December 17. Three days later, Mittal Steel received early clearance under US antitrust laws of its proposed merger with International Steel Group.
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