International Steel Group
| Company type | Public |
|---|---|
| Industry | Steel manufacturing |
| Founded | April 2002 |
| Founder | Wilbur Ross (affiliated entities) |
| Defunct | April 2005 |
| Fate | Acquired by Mittal Steel Company |
| Headquarters | Cleveland, Ohio , United States |
Area served | North America |
Key people | Wilbur Ross |
| Products | Raw steel |
| Parent | Mittal Steel Company (from April 2005) |
International Steel Group Inc. (ISG), headquartered in Cleveland, Ohio, ranked among the largest integrated steel manufacturers in North America, boasting an annual raw steel production capacity of 23 million net tons. In April 2005, ISG was purchased by Mittal Steel Company.
History
Established in April 2002 by entities affiliated with Wilbur Ross, ISG experienced swift growth through the acquisition of bankrupt steel operations.
That same month, ISG acquired assets from Ling-Temco-Vought (LTV), including plants located in Cleveland, Indiana Harbor, and Hennepin, for $83.4 million, along with LTV’s inventory valued at $52.4 million.
In October 2002, ISG expanded by purchasing a non-operational sheet strip mill and basic oxygen furnace facility in Riverdale, Illinois from the bankrupt Acme Steel for $60.9 million.
In May 2003, ISG completed the acquisition of bankrupt Bethlehem Steel assets for a net amount of $822.6 million, which included $81.6 million allocated for employee transition support negotiated with the United Steelworkers of America. These holdings comprised significant steel production and finishing plants situated in Indiana, Maryland, Pennsylvania, New York, and Ohio.
ISG entered the public market through an initial public offering in December 2003.
The company further expanded in May 2004 by acquiring bankrupt Weirton Steel, the second-largest tin mill products manufacturer in the United States, for $187 million. The following month, ISG purchased assets from bankrupt Georgetown Steel for $18 million.
In July 2004, ISG acquired and reactivated an idle hot-briquetted iron plant located in Point Lisas, Trinidad and Tobago, investing $18 million.
The acquisition by Mittal Steel Company in April 2005 marked the end of ISG’s rapid expansion period. Founder Wilbur Ross realized a profit of $260 million from his original $3 million investment.