International Steel Group
{{Short description|Defunct U.S. steel company (2002–2005)}}
{{Infobox company
| name = International Steel Group Inc.
| logo = File:International Steel Group logo.gif
| industry = Steel
| fate = {{nowrap|Acquired by Mittal Steel Company}}
| foundation = {{start date and age|2002|04}}
| founder = Wilbur Ross
| defunct = {{end date and age|2005|04|15}}
| location_city = Cleveland, Ohio
| location_country = U.S.
| revenue = {{increase}} US$9.015 billion (2004)
| net_income = {{increase}} US$1.027 billion (2004)
| assets = {{increase}} US$4.488 billion (2004)
| equity = {{increase}} US$2.004 billion (2004)
| num_employees = 15,500 (2004)
| footnotes = {{cite web | url=https://www.sec.gov/Archives/edgar/data/1231868/000095015205002243/l12721ae10vk.htm#102 | title=International Steel Group Inc. 2004 Form 10-K Annual Report | publisher=U.S. Securities and Exchange Commission | date=February 28, 2005}}
}}
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. In April 2005, the company was acquired by Mittal Steel Company.
History
The company was formed in April 2002 by affiliates of Wilbur Ross.
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.{{Cite news | url=https://www.chicagotribune.com/2004/06/02/isg-forges-steel-powerhouse-from-industrys-ruins/ | title=ISG forges steel powerhouse from industry’s ruins | work=Chicago Tribune | date=June 2, 2004}}
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.{{Cite news | url=https://www.nwitimes.com/uncategorized/isg-agrees-to-buy-shuttered-acme-steel/article_f52fec7a-d628-5188-ab8e-c4f25cbd9286.html | title=ISG agrees to buy shuttered Acme Steel | work=The Times of Northwest Indiana | date=August 14, 2002 | url-access=subscription}}
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.{{Cite news | url=https://www.michigansthumb.com/news/article/ISG-Completes-Bethlehem-Steel-Purchase-7357103.php | title=ISG Completes Bethlehem Steel Purchase | work=Huron Daily Tribune | date=May 7, 2003}}{{Cite news | url=https://www.marketwatch.com/story/isg-makes-it-three-with-bethlehem-steel | title=ISG makes it three with Bethlehem | first=Luisa | last=Beltran | work=MarketWatch | date=May 8, 2003 | url-access=limited}}
In December 2003, the company became a public company via an initial public offering.{{Cite news | url=https://www.crainscleveland.com/article/20031212/REG/312120701/isgs-ipo-takes-off | title=ISG's IPO takes off | work=Crain Communications | date=December 12, 2003 | url-access=subscription}}
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.{{Cite news | url=https://www.aist.org/isg-completes-purchase-of-weirton-steel-assets | title=ISG Completes Purchase of Weirton Steel Assets | work=Association for Iron and Steel Technology | date=May 19, 2004}}
In June 2004, ISG acquired the assets of bankrupt Georgetown Steel for $18 million in cash.{{Cite news | url=https://www.aist.org/isg-to-purchase-georgetown-steel-facility | title=ISG to Purchase Georgetown Steel Facility | work=Association for Iron and Steel Technology | date=May 4, 2004}}
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.{{Cite news | url=https://www.aist.org/isg-successfully-launches-hbi-facility-in-trinidad | title=ISG Successfully Launches HBI Facility in Trinidad | work=Association for Iron and Steel Technology | date=November 19, 2004}}
In April 2005, the company was acquired by Mittal Steel Company.{{Cite news | url=https://www.aist.org/mittal-steel-completes-merger-of-u-s-operations-(1) | title=Mittal Steel Completes Merger of U.S. Operations | work=Association for Iron and Steel Technology | date=January 4, 2006}} Ross personally made a $260 million profit on his $3 million investment.{{cite news |url=https://thehill.com/homenews/media/391646-fox-news-host-calls-out-wilbur-ross-over-conflicts-of-interest-on-investments | title=Fox News host calls out Wilbur Ross over conflicts of interest on investments | first=Luis | last=Sanchez | work=The Hill | date=June 11, 2018}}
References
{{Reflist}}
{{Iron and steel production|state=collapsed}}
Category:2002 establishments in Ohio
Category:2003 initial public offerings
Category:2005 disestablishments in Ohio
Category:2005 mergers and acquisitions
Category:American companies established in 2002
Category:Defunct manufacturing companies based in Ohio
Category:Manufacturing companies based in Cleveland
Category:Manufacturing companies disestablished in 2005
Category:Manufacturing companies established in 2002
Category:Steel companies of the United States
Category:Companies formerly listed on the New York Stock Exchange