ArcelorMittal: 20 Years After the Merger, Lakshmi Mittal Defends the Integrated Model

Twenty Years of Resilience Since the Mittal-Arcelor Merger

Lakshmi Mittal recalled the circumstances of the merger between Mittal Steel and Arcelor, which occurred shortly after his speech at the same forum two decades earlier. Reflecting on the past two decades, he emphasized that the combination had created a stronger and more resilient entity, equipped with the scale, diversification, and geographical reach to navigate major global shocks: the 2008 financial crisis, the COVID-19 pandemic, and the rise of the Chinese steel industry. The Executive Chairman affirmed that the group had weathered these crises better together than it would have separately.

A Transformed Sector and More Volatile Markets

Mittal noted the major differences between the operational environment of 2006 and that of 2026. Markets move faster, competition is more global, technology is constantly evolving, and companies must adapt in real-time. Even traditional industries like steelmaking now operate in a more globalized, data-driven, and environmentally constrained world than twenty years ago. This transformation demands an adaptability that the Chairman attributes to ArcelorMittal's integrated model, which combines geographical diversification and operational resilience in the face of unpredictable shocks.

India, the New Growth Engine for Steel

Mittal identified India as the next center of gravity for the steel industry, after two decades dominated by China's exceptional growth. He highlighted the massive expansion of infrastructure, rapid urban growth in residential real estate, and investments in transitional energy infrastructure as factors likely to support steel demand. These prospects, coupled with the renewal of infrastructure in developed economies, represent solid fundamentals for the sector in the long term.