Lakshmi N. Mittal, the CEO of ArcelorMittal SA (ADR)(NYSE:MT), stated that steelmaking is their passion and it will continue to drive company for several years to come. On August 1, 2006, Mittal Steel and Arcelor merged to establish the world`s leading steel firm.
The management view
Expressing his views, Mr. Mittal said that the reason behind the merger of Arcelor and Mittal Steel was that the new unit would enjoy many benefits: product and geographic diversification, minimizing volatility; the capability to supply international customers and access long-term deals; leadership in major product divisions such as automotive; and entry in the high growth emerging markets.
The CEO of ArcelorMittal said that much has transformed in last decade with the challenging market conditions for commodity and industrial firms, including steel companies. However, the basis of the merger stands valid even today as it was seen at the time of merger in 2006. The deal has helped the company to navigate through the tough environment and to stay afloat as a leading steel and mining entity among peers.
The highlights
Mr. Mittal further added that the past decade has defined the culture and spirit of the company and proved their strength, knowledge, resilience and capability to respond swiftly. ArcelorMittal have reshaped asset base, improved overall competitiveness and also enhanced safety performance. The company has faced challenging market conditions, and it is better positioned in the market with a clear strategy and world-class assets that will allow them to outperform in coming period.
Mr. Mittal added that they are proud of the development they have recorded during last ten years. For the employees, they have established a safer work environment. Back in 2007, the lost time injury frequency was 3.1 while it has reduced to 0.78 in present time. For company’s customers, it has delivered innovative and new steel products, supported by best-in class R&D teams and facilities.
