Mittal Steel Company in US financial comms rejig

NEW YORK: Mittal Steel Company (MSC), the steel-producing giant formed last week by Indian tycoon Lakshmi Mittal, has shaken up its US financial communications following the series of mergers and acquisitions that created the company.

MSC was formed after the New York Stock Exchange- and Amsterdam-listed company Ispat International, which is 77 per cent owned by Mittal, announced the 100 per cent acquisition of privately held company LNM Holdings.

Ispat is paying for the reverse takeover with an issue of around £7.2bn in shares. MSC general comms manager Nicola Davidson said the company had dropped Ispat’s retained US IR firm Citigate Financial Intelligence after a five-way pitch.

She added that MSC’s retained US financial comms adviser would be investor relations shop Abernathy McGregor Group. The other firms that pitched for the business were Kekst & Co, Citigate Sard Verbinnen and PR Generation.

Kekst is advising International Steel Group, which has simultaneously agreed to merge with Ispat to add to the MSC steel empire.

The creation of MSC also confirmed Davidson as the steel group’s head of comms, ten months after she joined as Mittal’s spokeswoman and Ispat group comms manager, from Merlin Financial Communications.

As well as handling group comms, Davidson will have overall control of local-level teams. She said there were no plans to review any of MSC’s other external advisers in the next six months.

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