ArcelorMittal
Lakshmi Mittal · 2006
ArcelorMittal is the world’s second-largest steelmaker — a $33 billion hostile merger of Mittal Steel and Arcelor in 2007. It operates across mining, smelting, and recycling in 14 countries. In 2025, it produced 55.6 million tons of steel against 74.6 million tons of capacity — 53% in Europe, 40% in the Americas. It sources 72% of its iron ore and 91% of its coke internally. The Mittal family surrendered control to close the deal. It is not a technology company. It is not growing. It is a vertically integrated commodity producer whose scale is structural, not strategic.