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Cold Steel: Lakshmi Mittal and the Multi-Billion-Dollar Battle for a Global Empire
When the world's two largest steel producers went head to head in a bitter struggle for market domination, an epic corporate battle ensued that sent shockwaves through the political corridors of Europe, overheated the world's financial markets and transformed the steel industry. Billions of dollars were at stake.
At the heart of the battle were two Guy Dollé, Chairman and CEO of Luxembourg-based Arcelor, the world's largest steel producer by turnover and Lakshmi Mittal, a self-made Indian industrialist and the richest man in Great Britain. Only one could prevail . . .
At the heart of the battle were two Guy Dollé, Chairman and CEO of Luxembourg-based Arcelor, the world's largest steel producer by turnover and Lakshmi Mittal, a self-made Indian industrialist and the richest man in Great Britain. Only one could prevail . . .
368 pages, Paperback
First published April 3, 2008
112 people are currently reading
1653 people want to read
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Displaying 1 - 30 of 104 reviews
April 22, 2020
M&A's always make news. And the Arcelor Mittal merger had been one of the most controversial one in the last 2 decades. This book reveals what went behind the scenes and why this particular merger was so significant all across the globe.
Despite being an Indian, I have only heard about Lakshmi Mittal as being one of the richest men in the world, and his company being one of the largest steel makers. Never had I read about him as a businessman or how he started his steel empire and turned it into such a behemoth. I was not even aware of his leadership style, his charming personality, his passion and dreams of becoming the world's biggest steelmaker, nor was I aware of how he would buy failing factories and turn them around. Never did I come across Mittal Steel in any case study or chapters on strategy.
M&A's look glamorous from the outside, but in reality they are pretty complex. But this book, which has been written as a fast-moving thriller, in an easy to understand language, beautifully simplifies the chain of events. It covers vital details like steel industry as a whole, Lakshmi Mittal's background, his early years and his entry into steel making. These set a context for readers who are not aware with this sector. And then it proceeds to explain the the whole sequence of events, while covering the technicalities, explaining financial and M&A jargons, covering all aspects and players involved in an M&A. The book manages to keep it light and interesting by capturing the emotions, actual dialogues that might have been said, and adding a slight dose of humour.
It is almost like a Grisham novel, except that it's a true story which makes it all the much better.
This is a well-researched, well-written book which closely describes one of the biggest M&A in the world of steelmaking. It can also be read to understand how M&A's work.
Despite being an Indian, I have only heard about Lakshmi Mittal as being one of the richest men in the world, and his company being one of the largest steel makers. Never had I read about him as a businessman or how he started his steel empire and turned it into such a behemoth. I was not even aware of his leadership style, his charming personality, his passion and dreams of becoming the world's biggest steelmaker, nor was I aware of how he would buy failing factories and turn them around. Never did I come across Mittal Steel in any case study or chapters on strategy.
M&A's look glamorous from the outside, but in reality they are pretty complex. But this book, which has been written as a fast-moving thriller, in an easy to understand language, beautifully simplifies the chain of events. It covers vital details like steel industry as a whole, Lakshmi Mittal's background, his early years and his entry into steel making. These set a context for readers who are not aware with this sector. And then it proceeds to explain the the whole sequence of events, while covering the technicalities, explaining financial and M&A jargons, covering all aspects and players involved in an M&A. The book manages to keep it light and interesting by capturing the emotions, actual dialogues that might have been said, and adding a slight dose of humour.
It is almost like a Grisham novel, except that it's a true story which makes it all the much better.
This is a well-researched, well-written book which closely describes one of the biggest M&A in the world of steelmaking. It can also be read to understand how M&A's work.
September 30, 2017
Masquerading as a thriller, this book manages to capture a number of M&A concepts and strategies in one of the most complex business deals in recent history , with murky overtures and phone tapping and the sorts. A lot of research and insider perspectives have been incorporated making it case study worthy amount of detail in how convoluted international business deals can get and the number of players and angles involved, often times folks who don't even have a seat on the table making a difference. I garner more respect for the behind the scene dealmakers through the highs and lows , but then am sure they were more than suitable rewarded for that.
Interested in a fast paced case study of one of the biggest hostile merger in recent history, this book provides a good narrative.
Interested in a fast paced case study of one of the biggest hostile merger in recent history, this book provides a good narrative.
February 12, 2016
An insight into the biggest steel conglomerate, the merger of all times. It's really fascinating and thrilling at the same time with morning in Luxembourg and evening in Paris/Brussels. Carry a dictionary and investopedia both, lot of new terms. Too many names to remember but thanks to the authors for the Post script and separate section of the Players. I loved the part where Dolle relates to the speech made by Naouri - "And what should one do? Seek a protector, choose a patron, And like the crawling ivy round a tree That licks the bark to gain the trunk's support, Climb high by creeping ruse instead of force? No thank you."
And Mittal is indeed a man of steel.
And Mittal is indeed a man of steel.
August 28, 2012
Epic, exhausting and riveting, private jets, private helicopters, morning in New York, afternoon in Luxembourg, evening in London, Arcelor put up one hell of a fight and Mittal just kept going till the very end and won, Guy Dolle lost, a dozen big name banks, the best lawyers in Europe, Governments, politics, secret meetings, billionaires, the best PR people in the game, the list goes on and on, good to have it finished, it was actually starting to become too epic and it's all true. If you want to hear what happens during a hostile corporate takeover of the first biggest steel company in the world by the second then this is the book.
March 5, 2023
Gripping saga. Delightfully depicts the rise of one of India's favorite Indian abroad in the early 2000s in the echelons of Steel industry and his quest to build a global empire. Vividly captures the details of an epic takeover battle for Arcelor launched by Mittal and keeps one hooked right till the end. Book makes for a perfect movie script.
August 21, 2017
the story of a business man of Indian origin and his vision of creating a global empire has to be amazing and it really amazes you how both sides lock horns in this Anglo Saxon world of mergers and takeovers. Great insight into the case and unconventional strategies is what you'll get in this one.
August 11, 2024
Good book on the rise of the steel magnet
January 28, 2024
The book tells the story of the war-like hostile takeover of Arcelor by Mittal Steel. It claims to read like a thriller but somewhere falls short of its claim, but even then a pretty interesting read and a page turner. The business calls, battles, ego tussles and decisions were all interesting to read. The Mittal clan emerged victorious and rightly therefore touted as hero of the story. But the authors tilted a bit too much on the Mittal’s side, not revealing the murkier business and plotting on the acquirer side.
Where the book has a clear and vivid description of meetings, mannerisms, strategies and decision-making process on the Arcelor side. It fell short of giving the same insight into the Mittal side. They seemed to have solutions pulled out of nowhere to every defence of Arcelor against the hostile bid. And even though it seemed like there is a dirty business going on at Mittal’s side too, it was never revealed. You keep wanting to know more of the story on that side. For example, how the ‘Dirty Thirty
Letter’ was conceptualised was never brought to light. It was just brought in like a magician pulling a pigeon out of his hat. May be that’s because of the interviews and stories that the authors could gather.
Where the book has a clear and vivid description of meetings, mannerisms, strategies and decision-making process on the Arcelor side. It fell short of giving the same insight into the Mittal side. They seemed to have solutions pulled out of nowhere to every defence of Arcelor against the hostile bid. And even though it seemed like there is a dirty business going on at Mittal’s side too, it was never revealed. You keep wanting to know more of the story on that side. For example, how the ‘Dirty Thirty
Letter’ was conceptualised was never brought to light. It was just brought in like a magician pulling a pigeon out of his hat. May be that’s because of the interviews and stories that the authors could gather.
July 25, 2017
Details the growth of Mittal and how they accomplished the merger of Arcelor Mittal. Sadly, due to the 2008 recession, the industry didn't do well and the combined capacity of Arcelor Mittal is at 97.8 mn tonnes as per wikipedia today.
June 9, 2012
A gripping narrative of Mittal-Arcelor takeover fight and how the who's who of investment banking, PR firms and governments wanted a piece of the action. My recommendation - Must read
April 19, 2013
Liked it very much. Wonder how author could get hold of information! How much is fiction? Too many Characters to remember
December 21, 2020
Can’t decide if is it a work of fiction or a real story.Absolute thriller!!
January 24, 2021
I was forced to read this.
May 15, 2023
This book is a true story of how two men, Lakshmi Mittal and Guy Dollé, waged a fierce and ruthless battle for the control of the global steel industry. It's a tale of ambition, ego, money, power, politics and intrigue that spans across continents and cultures.
It takes you behind the scenes of one of the biggest and most hostile takeover bids in history. You'll witness how Mittal, the self-made billionaire from India, challenged Dollé, the arrogant and proud CEO of Arcelor, the European steel giant. You'll see how they fought each other in boardrooms, courtrooms, media outlets and even diplomatic circles. You'll learn how they used every weapon at their disposal, from financial manoeuvres and legal tactics to PR campaigns and political lobbying. You'll also discover how they faced opposition and resistance from various stakeholders, such as shareholders, employees, unions, governments and competitors.
Cold Steel is not only a gripping account of a corporate war, but also a fascinating insight into the world of steelmaking and its impact on the global economy and society. You'll get to know the history and culture of the steel industry, the challenges and opportunities it faces in the 21st century, and the personalities and motivations of its key players. You'll also gain a deeper understanding of the complex and dynamic forces that shape the business world and influence its outcomes.
It is a book that will appeal to anyone who loves a good story, whether they are interested in business, history, politics or human drama.
It takes you behind the scenes of one of the biggest and most hostile takeover bids in history. You'll witness how Mittal, the self-made billionaire from India, challenged Dollé, the arrogant and proud CEO of Arcelor, the European steel giant. You'll see how they fought each other in boardrooms, courtrooms, media outlets and even diplomatic circles. You'll learn how they used every weapon at their disposal, from financial manoeuvres and legal tactics to PR campaigns and political lobbying. You'll also discover how they faced opposition and resistance from various stakeholders, such as shareholders, employees, unions, governments and competitors.
Cold Steel is not only a gripping account of a corporate war, but also a fascinating insight into the world of steelmaking and its impact on the global economy and society. You'll get to know the history and culture of the steel industry, the challenges and opportunities it faces in the 21st century, and the personalities and motivations of its key players. You'll also gain a deeper understanding of the complex and dynamic forces that shape the business world and influence its outcomes.
It is a book that will appeal to anyone who loves a good story, whether they are interested in business, history, politics or human drama.
November 21, 2023
Perfectly summarises the behind-the-scenes machinations that strung together one of the most monumental deals since the turn of the millennia, and it does this without alienating those with only a basic knowledge of business and / or corporate finance. I for one thought the stars of the books were the dealmakers - the investment bankers and lawyers - whose efforts and exploits I came to admire and left gaining a true appreciation for their roles in facilitating the marriage (albeit unsolicited in this case) of two companies.
In a nutshell, this book was instrumental in my influencing my pivot from my engineering studies to being an investment banker (I'm currently in my final year of university as a Chemical Engineering Masters' student).
I read it once as a layman, with a casual interest in corporate finance - it spurred me to complete a number of courses on the topic, pursue and gain experience in investment banking - and again much more educated and refined in M&A terminology and mechanics, and it was twice as good. I would recommend it for anyone interested in corporate finance, M&A as a practice and the roles advisors play in bringing companies together.
Bravo to the writers.
June 20, 2021
The book covers the 'hostile takeover" of Arcelor Group based in Luxembourg by Mittal Steel based in the Netherlands but managed by the Mittal family from London. It only gives a small slice of the early childhood of Lakshmi Mittal.
Mittal Steel grew inorganically through the acquisition of badly managed factories and making them into world-class factories. Mittal Steel decision-making rested in the hands of the Mittal family. Arcelor was a more organically grown company and decision-making rested in the hands of the Board & its KMP. The largest 2 steelmaking companies, culturally different & yet their operations never overlapped. It was termed as the greatest acquisition ever in the steel industry.
The book is fascinating for it provides great insights into how investment bankers operate. What intrigued me was the amount of coordination required among people from diverse backgrounds & the actions required to influence the political class from different countries. The book is exhilarating.
Mittal Steel grew inorganically through the acquisition of badly managed factories and making them into world-class factories. Mittal Steel decision-making rested in the hands of the Mittal family. Arcelor was a more organically grown company and decision-making rested in the hands of the Board & its KMP. The largest 2 steelmaking companies, culturally different & yet their operations never overlapped. It was termed as the greatest acquisition ever in the steel industry.
The book is fascinating for it provides great insights into how investment bankers operate. What intrigued me was the amount of coordination required among people from diverse backgrounds & the actions required to influence the political class from different countries. The book is exhilarating.
September 25, 2023
With the drive to create the world's first 200 million tonne steel company, Mr. Laxmi Niwas Mittal, a self made Indian industrialist, is set to take over the world's largest steel producer - The Arcelor.
It's a story of the world’s two largest steel producers going head to head in a bitter struggle for market domination which shook the political corridors of Europe, the global financial community and transformed the steel industry.
Despite being the main theme, this book is not solely about M&A; it also details Lakshmi Mittal's path to become THE Lakshmi Mittal, the emotional and political aspects of the deal.
With mysterious overtures, phone taps and a car chase, this book, which passes for a thriller, successfully captures a variety of M&A concepts and methods in one of the most complicated business mergers in recent history.
It's a rare insider's account and reads like a fast-moving thriller, almost like a Grisham or Forsyth novel. The fact that it's a true story, makes it all much better.
It's a story of the world’s two largest steel producers going head to head in a bitter struggle for market domination which shook the political corridors of Europe, the global financial community and transformed the steel industry.
Despite being the main theme, this book is not solely about M&A; it also details Lakshmi Mittal's path to become THE Lakshmi Mittal, the emotional and political aspects of the deal.
With mysterious overtures, phone taps and a car chase, this book, which passes for a thriller, successfully captures a variety of M&A concepts and methods in one of the most complicated business mergers in recent history.
It's a rare insider's account and reads like a fast-moving thriller, almost like a Grisham or Forsyth novel. The fact that it's a true story, makes it all much better.
September 3, 2019
I don't really like this book. Not because it's a bad read, because it really isn't, but because it aims to be a thriller when it clearly isn't. The framing of the Mittals as a clear-eyed focussed bunch of people vs Arcelor's brash, don't give a shit, 'vehemently opposed to Mittal' style of work establishes stereotypes and the good/bad dichotomy quite early and leaves one with no doubt about the author's own biases.
Of course, everyone knows what happened. The two companies merged and became Arcelor-Mittal. The book tries to create artificial suspense and tension in many places, and while the occasional delving into the history of both companies is quite fascinating, the overall effect gets ruined the more you get into the day-to-day details of what really happened.
All in all, the book reads like a somewhat competently-written piece of fanfiction. 2/5, because it could have been written better.
Of course, everyone knows what happened. The two companies merged and became Arcelor-Mittal. The book tries to create artificial suspense and tension in many places, and while the occasional delving into the history of both companies is quite fascinating, the overall effect gets ruined the more you get into the day-to-day details of what really happened.
All in all, the book reads like a somewhat competently-written piece of fanfiction. 2/5, because it could have been written better.
February 22, 2024
Absolutely fascinating tale that reads like a thriller about one of the largest corporate transactions. The book is written without technical jargon and can be easily understood by a layperson.
One of the authors was involved as an advisor in the transaction and the other is a journalist, this making it an ideal combination for a riveting narrative about the transaction.
I had read this book about a decade ago and then decided to re-read it in the context of recent M&A activity to better understand how such deals happen and the motivations of the various key players for undertaking such transformative transactions.
Having protagonists who are self-made billionaires and have interesting personalities also makes it all the more interesting.
One of the authors was involved as an advisor in the transaction and the other is a journalist, this making it an ideal combination for a riveting narrative about the transaction.
I had read this book about a decade ago and then decided to re-read it in the context of recent M&A activity to better understand how such deals happen and the motivations of the various key players for undertaking such transformative transactions.
Having protagonists who are self-made billionaires and have interesting personalities also makes it all the more interesting.
September 29, 2020
Had vaguely heard about the controversy this takeover generated because of the racial slur by Arcelor back in 2005-6.But this book brings about the intricacies ,complexity and maneuvering done by both sides during this hostile takeover by Laxmi Mittal of Arcelor Steel to make one of the biggest Steel Company in the world. It is indeed a detailed insider account which even Mittal's autobiography whenever it is written cannot surpass . Written like a spy thriller , book keeps you gripped throughout. I think it is a must read for all MBA Students as well to understand how actually Mergers and Acquisitions actually take place especially a hostile takeover.
November 3, 2017
Such interesting and captivating book
Such interesting bio about Lakshmi Mittal, Indian Andrew Carnegie.
This book is very captivating talking about his origins, business and personal life.
How Mr. Mittal transformed a small company in the biggest steel maker of our times.
His astronomical wealth and power, he lives like a king in London.
I enjoyed its 352 pages for two weeks, the way how Tim and Byron describe the story is amazing.
Very motivational book on how to manage a company and take it to skyes.
Such interesting bio about Lakshmi Mittal, Indian Andrew Carnegie.
This book is very captivating talking about his origins, business and personal life.
How Mr. Mittal transformed a small company in the biggest steel maker of our times.
His astronomical wealth and power, he lives like a king in London.
I enjoyed its 352 pages for two weeks, the way how Tim and Byron describe the story is amazing.
Very motivational book on how to manage a company and take it to skyes.
September 13, 2020
We hear snippets on the mainstream media and much of the real story behind is never told.
The authors make a massive effort to turn this mother of all hostile takeovers into a nail biter. I wish we could a sound bite or comment from Guy Dolle on this whole saga.
This is a terrific story of a company and a team that had remained steady, cold and pragmatic. A wonderful insight into deal making and ring side view of mergers and acquisitions. Worth the read!
The authors make a massive effort to turn this mother of all hostile takeovers into a nail biter. I wish we could a sound bite or comment from Guy Dolle on this whole saga.
This is a terrific story of a company and a team that had remained steady, cold and pragmatic. A wonderful insight into deal making and ring side view of mergers and acquisitions. Worth the read!
April 30, 2023
It is a very interesting story which reads extremely well. Highly recommended to those who know the business of steel, or would like to know more about it. It was the ultimate battle to create the larger steel producer in the world and to consolidate the steel business and make it international. Mr. Mittal is an incredible entrepreneur with a long-term vision. His story and success deserve to be known more than it is.
November 16, 2019
Interesting insights into how the world of hostile takeovers especially when a shrewd global Indian Lakshmi Mittal takes over one of Europe's most respected steel business creating the biggest steel firm on the planet. The reader can take inspiration from Mittals sheer determination to make things work for him by managing the ecosystem so well. Overall a great business book!
September 11, 2022
Exceptional story of corporate war...
I may be biased in my review as it is about an Indian of my community.
But the story is beautifully written and kept me engrossed until I finished.
Was fascinated with the way the two sides had their own army of consultants and experts who were most highly placed and best in the industry. Amazing story of a modern day battle, corporate.
I may be biased in my review as it is about an Indian of my community.
But the story is beautifully written and kept me engrossed until I finished.
Was fascinated with the way the two sides had their own army of consultants and experts who were most highly placed and best in the industry. Amazing story of a modern day battle, corporate.
August 30, 2017
When truth is stranger than fiction. Fast paced, thrilling and full of suspense, Cold steel would put any suspense writer to shame. One word of warning though - do start it on a totally free weekend and be prepared to skip office on Monday, for once you start you simply can't put it down.
November 12, 2017
Brilliant, fast paced
Brilliant, fast paced but with a lot of details of what went on behind the scenes. Loved it.
P. S. There is a list of 'Dramatis Personae' at the end which can't be seen in the index.
Brilliant, fast paced but with a lot of details of what went on behind the scenes. Loved it.
P. S. There is a list of 'Dramatis Personae' at the end which can't be seen in the index.
July 26, 2019
One of the most powerful books I read. It's the story of Arcelor-Mittal merger. Must read for anyone who wants to be a big, multinational entrepreneur.
Lakshmi Mittal is my Inspiation for my company BrighterFuture
Lakshmi Mittal is my Inspiation for my company BrighterFuture
January 11, 2021
Riveting account of one of the largest M&A deals in the steel industry.. learnt a lot about the complexities of a hostile takeover and the amount of work that goes into making a deal come alive. Lots of characters and storylines so try to read it over a few days.
May 1, 2021
A very detailed book highlighting the fierce takeover of one of the most coveted businesses in the world.. A simple and quick read, especially for someone who is already associated within the finance industry.
Displaying 1 - 30 of 104 reviews