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ArcelorMittal was fined US$110.9 million and, as part of the settlement, also agreed to invest R4.64 billion in capital over five years. [31] According to the findings, the firm had been part of a 17-member-steel group nicknamed "Club Zürich", that later became known as "Club Europe".
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Mittal Steel Company N.V. was a European company headquartered in the United Kingdom and incorporated in the Netherlands, and one of the world's largest steel producers by volume and turnover. After a merger in 2005, it is now part of ArcelorMittal .
In 2006 Mittal Steel and Arcelor merged to make a steel company three times the size of any other steel company for $33.6 billion. [ 17 ] In early 2015, during the restoration of a home that once belonged to Rebecca Lukens , a trove of business correspondence from 1834 was found inside the walls.
On April 5, 2005, ISG completed a merger with Mittal Steel. In 2006, Mittal Steel completed a further merger with Arcelor , forming a new company known as ArcelorMittal . In December 2020, ArcelorMittal sold its U.S. holdings to Ohio-based Cleveland-Cliffs Inc. making it a subsidiary of the Cleveland-Cliffs organization.