Timeline: Wilbur Ross and International Steel Group Inc.
This article was originally published on April 10, 2005.
Feb. 2002: Wilbur L. Ross Jr., a former bankruptcy adviser for the Rothschild banking group, forms International Steel Group Inc. with other investors.
April 2002: Ross buys LTV Corp., which has a large steel mill in Cleveland that is closed. As part of the company's bankruptcy reorganization, the U.S. government pension rescue fund assumed $1.8 billion in unfunded pension obligations for 78,000 retirees and workers.
Oct. 2002: Ross buys bankrupt Acme Steel Co. The government assumed $128 million in unfunded pensions for 3,800 participants.
May 2003: Ross buys Bethlehem Steel Corp. The government assumed $3.7 billion in unfunded pensions for 95,000 participants.
Dec. 2003: Ross takes ISG public in an initial public offering.
May 2004: Ross buys Weirton Steel Co. The government assumed $687 million in unfunded pensions for 9,200 participants.
June 2004: Ross buys Georgetown Steel Co. and the government assumed $47 million in unfunded pensions for 1,700 participants.
Oct. 2004: Ross announces a deal to sell ISG to Mittal Steel Co. NV of Europe for more than $4 billion, or $42 a share. According to Ross and corporate documents, initial investors bought into ISG for $4.50 a share in early 2002.
April 12, 2005: A special shareholder meeting is scheduled to approve ISG's sale to Mittal.
SOURCES: Corporate documents; Pension Benefit Guaranty Corp.