International Steel Group merges with Ispat International
Clients International Steel Group Inc.
Jones Day advised International Steel Group, Inc. (ISG) in its $4.1 billion merger with Ispat International N.V. Prior to the closing of the ISG/Ispat merger, Ispat, which was over 80% controlled by steel magnate Lakshmi Mittal and his family, acquired LNM Holdings N.V., a private company owned by the Mittal family, to form Mittal Steel Company N.V. Mittal Steel (later named Arcelor Mittal), following the merger with ISG, became the world's largest steel company, with operations in 14 countries on four continents, over $30 billion in annual revenues, and 165,000 employees. The Mittal family owns 88% of the new company, with ISG shareholders owning 9%, and Ispat shareholders owning 3%. In addition to providing M&A representation with respect to the transaction, Jones Day was able to persuade the U.S. Department of Justice to grant early termination of the Hart-Scott-Rodino waiting period.