Pursuits
Russian Mogul's Failed Arcelor Bid Now Looks a Win on Steel Rout
- Mordashov's Severstal is now worth as much as ArcelorMittal
- Russian steel companies have fared better than foreign rivals
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Billionaire Alexey Mordashov considered it the ultimate disappointment when he lost his bid to buy Arcelor SA a decade ago, allowing fellow tycoon Lakshmi Mittal to create a giant controlling about a 10th of the global steel market.
But with steel prices at the lowest since 2003, it’s looking more like good luck. Mordashov’s Severstal PJSC, the fourth-largest Russian steel producer, is valued at about $6.9 billion. That’s now more than ArcelorMittal SA, which is the biggest and makes eight times more of the material.