Word: mittal
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...which sets the stage for a new round of global consolidation in the industry. Last week, in a complicated $17.8 billion deal, Indian entrepreneur Lakshmi Mittal said he would merge his existing steel assets - the privately-held LNM Holdings and the publicly-traded Ispat International - with the U.S.-based International Steel Group (ISG). The deal, which must still gain regulatory approval, would create the world's biggest steel company, Mittal Steel, to be based in Rotterdam in the Netherlands, and help Mittal pursue his modest goal of making Mittal as synonymous with steel as Ford is with the motor...
...Mittal's move is the boldest in a series of M&A maneuvers that steel producers hope will help them thrive. According to its owners, the industry's problem was that too many providers made prices too competitive and profits impossible. For example, the world's Top 10 steelmakers supply less than one-third of all steel produced; by comparison, the world's Top 10 automakers have more than 90% of the global auto market. Historically, especially in the U.S., automakers have been able to play off one mill against another to secure lower prices...
...buying this stuff? Of course, there are the obvious big spenders who turn up in the tabloids: Anna Anisimova, the 19-year-old Russian heiress who rented a Hamptons home for the summer for a reported $500,000. Or the Indian-born billionaire Lakshmi Mittal, who reportedly spent $60 million on his daughter's wedding in June. At Harry Winston, Brodie says the current trend is for customers to "trade up" their engagement rings, swapping $45,000 2-carat brilliant-cut diamond rings for $165,000 5-carat emerald-cut diamonds...
...million Amount to be paid for a London mansion by British-Indian steel tycoon Lakshmi Mittal, the most ever paid for a house anywhere in the world...
...economy seems to be turning around. Companies are taking a cautious approach in hiring. I think this is the right thing to do. We do not want another economy boom followed by a big slide. However, Americans might not see a significant growth in jobs due to outsourcing. Kalpana Mittal Sturbridge, Mass...