| Ispat International N.V. | |||
| Ticker: | IST | Rotterdam Building Aert van Nesstraat 45 | |
| Exchange: | New York Stock Exchange | Rotterdam, NETH 3012 CA | |
| Industry: | Manufacturing (SIC Code 3312) | ||
| Type of Shares: | Class A Common Shares | Filing Date: | 7/7/97 | |
| U.S. Shares: | 25,000,000 | Offer Date: | 8/6/97 | |
| Non-U.S. Shares: | 0 | Filing Range: | $26.00 - $27.00 | |
| Primary Shares: | 25,000,000 | Offer Price: | $27.00 | |
| Secondary Shares: | 0 | Gross Spread: | $1.22 | |
| Offering Amount: | $662,500,000 | Selling: | $0.73 | |
| Expenses: | - | Reallowance: | $0.10 | |
| Shares Out After: | - | |||
| Spin out parent firm: | Ispat International Ltd. | |||
| Manager | Tier | Phone |
| CS First Boston | Lead Manager | (212) 325-2000 |
| Donaldson, Lufkin & Jenrette Securities Corp. | Co-manager | (212) 371-0641 |
| Issuer's Law Firm: | Shearman & Sterling |
| Bank's Law Firm: | Simpson, Thacher & Bartlett |
Dollar amounts in U.S. millions except for per share data | |||||
| Full Year Audited Income | Latest Unaudited Income | Prior Unaudited Income | Balance Sheet | ||
| 12/31/96 | 12/31/96 | ||||
| Revenue: | $1,774.00 | Assets: | $4,072.00 | ||
| Net Income: | $613.00 | Curr Assets: | $1,028.00 | ||
| EPS: | Liabilities: | $1,933.00 | |||
| Prior EPS: | Curr Liabilities: | $785.00 | |||
| Cash Flow/Oper: | $155.00 | Equity: | $2,139.00 | ||
| Cash Flow/Fin: | $213.00 | Cash: | $279.00 | ||
| Cash Flow/Inv: | -$134.00 | Working Cap: | $243.00 | ||
| Business Description |
| The company is the world's largest producer of steel utilizing the integrated mini-mill process. The company believes that due to its use of the integrated mini-mill process, modern steelmaking facilities, access to low-cost raw materials and operating efficiencies, it is one of the lowest cost steel producers in the world. Since 1992, the company has experienced significant growth primarily as a result of strategic acquisitions of underperforming assets and initiatives undertaked to improve the operating performance of the acquired steelmaking facilities. As a result, the company's steel shipments have increased from approximately 1.5 million tons in 1992 to approximately 5.9 million tons in 1996, making it one of the fastest-growing steel producers in the world. In 1996, the company's consolidated net sales, EBITDA and net income were approximately $1.8 billion, $309 million and $613 million, respectively. |
| Business Plan |
| The company's strategy is to buy inefficient state steel companies and turn them into low cost steel producers, through a mixture of cost cutting, using Direct Reduced Iron technology, modernization, changing their product mix, and improving their marketing through improved networking. |
| Use of Proceeds |
| The proceeds from the proposed offering will be used to repay outstanding indebtedness and for general corporate purposes. |