Mittal forms world’s largest steel firm

THE last owners of Irish Steel, who have refused to pay the clean-up costs of their former Irish site, are set to form the world’s largest steel company in a €14 billion deal.

Lakshmi Mittal, one of the wealthiest men in Britain, and the former owner of the Ispat International site at Haulbowline, Co Cork, will merge his family’s steel assets and buy the US based International Steel Group Inc.

The €14bn deal will create the world’s biggest steel company, with operations in Europe, Africa, Asia and the United States. Analysts say the enlarged group will be worth €16.5bn.