International Steel Group
Template:Short description Script error: No such module "Infobox".Script error: No such module "Check for conflicting parameters".Script error: No such module "Check for unknown parameters". International Steel Group Inc. (ISG), headquartered in Cleveland, Ohio, was one the largest integrated steel producers in North America. It had annual raw steel production capability of 23 million net tons.[1] In April 2005, the company was acquired by Mittal Steel Company.
History
The company was formed in April 2002 by affiliates of Wilbur Ross.[1]
In April 2002, the company acquired the assets of bankrupt Ling-Temco-Vought (LTV), including facilities in Cleveland, Indiana Harbor and Hennepin, for $83.4 million in cash. In May 2002, ISG purchased inventories from LTV for $52.4 million in cash.[1][2]
In October 2002, ISG acquired an idled sheet strip mill and basic oxygen furnace in Riverdale, Illinois from bankrupt Acme Steel for $60.9 million in cash.[1][3]
In May 2003, ISG acquired the assets of bankrupt Bethlehem Steel for net $822.6 million in cash, including payments of $81.6 million for transition assistance for employees represented by the United Steelworkers of America trade union. The assets acquired included steelmaking and finishing facilities in Burns Harbor, Indiana; Sparrows Point, Maryland; Coatesville, Pennsylvania; and Steelton, Pennsylvania, and rolling and finishing facilities in Conshohocken, Pennsylvania; Lackawanna, New York; and Columbus, Ohio.[1][4][5]
In December 2003, the company became a public company via an initial public offering.[1][6]
In May 2004, ISG acquired the assets of bankrupt Weirton Steel, the second largest producer of tin mill products in the U.S., for $187 million in cash.[1][7]
In June 2004, ISG acquired the assets of bankrupt Georgetown Steel for $18 million in cash.[1][8]
In July 2004, ISG acquired an idled hot-briquetted iron facility in Point Lisas, Trinidad and Tobago for $18 million in cash. It was restarted in November 2004.[1][9]
In April 2005, the company was acquired by Mittal Steel Company.[10] Ross personally made a $260 million profit on his $3 million investment.[11]
References
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- Pages with script errors
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- 2002 establishments in Ohio
- 2003 initial public offerings
- 2005 disestablishments in Ohio
- 2005 mergers and acquisitions
- American companies established in 2002
- ArcelorMittal
- Bethlehem Steel
- Defunct manufacturing companies based in Ohio
- Manufacturing companies based in Cleveland
- Manufacturing companies disestablished in 2005
- Manufacturing companies established in 2002
- Steel companies of the United States
- Companies formerly listed on the New York Stock Exchange