Investment undeterred by fear

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It is comforting to note that in these times of terror, hard-headed businessmen still make their investment decisions undeterred by threat. My newest hero is that Titan of Industry, the Captain of Capitalism, Laxmi Mittal. It seems that the world’s richest Indian is increasing his investment in India-na:

Mittal Steel Co. plans to begin a $10 million expansion of research and development laboratories in East Chicago. The first phase, to start this week, would add 22,000 square feet to a laboratory. It is expected to be completed within a year. The company is based in the Netherlands, but its U.S. operations are run from Chicago. [Link]

This announcement came the day after it was revealed that India-na is the state in the union most densely populated with potential terrorist targets:

Indiana, with 8,591 potential terrorist targets, had 50 percent more listed sites than New York (5,687) and more than twice as many as California (3,212), ranking the state the most target-rich place in the nation. [Link]

That’s 11% of all targets on the National Asset Database. This is a state so hated by terrorists that even a rural popcorn factory with five employees is considered a target! Clearly Mittal is a man of steel, a hombre without fear, somebody who does not blanch even in the face of terrorists as confused as Christopher Columbus. Who needs Hanu-man, Indian Super-man, a brown Justice League, or any other Indian superheroes when we have a Mittal-man of our own ?

17 thoughts on “Investment undeterred by fear”

  2. Joking aside.

    I spend a fair bit of time for work in Gary and East Chicago and I have not seen places in this country as depressed (not Youngstown, OH; not Bushwick, NY; not the port areas of Baltimore; not even Compton and Long Beach).

    Thanks to Mittal re-investing in the steel industry there (which is not to say that other may not have done the same thing), there has been a marked improvement in the fortunes of these towns in the past two or three years. In cities that in hte early part of this decade had 45% unemployment rates, people are very grateful to Mittal to get the “plants running again”. Its quite something to see.

    Ironically, as much as India is vilified for “taking American jobs”, if not for the increased demand for capital goods in India and China, heavy industry here would be dead as a doornail.

  4. Really, it should be Southasiania. Capital, Southasianapolis.

    And its high time Gary, Southasiana, was renamed. Its named after foreigenr, alien, despoiler and invader Elbert H. Gary of Wheaton, Illinois. (Spoorlam will fill you in on his wickedness). It’s original name is Calumet, and should be spelled Kalloomet, just to be confusing.

  7. Ennis –

    I think he’s already running most of the mills there.

    When you drive past the old U.S. Steel facility on Lake Michigan (as beautiful a sight as you will ever see)has Mittal in large blue letters emblazoned there, and his picture and name is all over time

    Hari

  9. Interesting. They’ve been in India-na for longer than I realized:

    Analyst Michelle Applebaum of Applebaum Research recalled that when Mittal bought Inland Steel Co. of Indiana in 1998, there were similar concerns in the industry about the capabilities of an overseas company that didn’t produce high-end automotive steel. “People were saying, ‘They haven’t ever made this type of steel before, can they do it?’ I was skeptical, too,” she said. “But Mittal doesn’t need to know how to do it. They’ve retained all the top management. When they acquired Inland … they invested well and they optimized.” U.S. steelmaking isn’t expected to be affected dramatically by a merger, since Mittal already is the leading producer in North America and Arcelor’s strengths lie elsewhere. [Link]

    They’re the leading steel producer in North America? I didn’t know that either.

    Mittal’s Midwest Dominance Mittal Steel Co. NV will exercise near dominance of key Midwest steel markets upon purchase of Ohio-based International Steel Group (ISG), completed on April 15th [2005]. This will include ownership of the ex-Acme Steel plant at Riverdale, and three of the four sprawling mills on Lake Michigan in Indiana — ex-Inland Steel’s East Chicago Works, ex-LTV Corp.’s Indiana Harbor Works and ex-Bethlehem Steel’s Burns Harbor Works. (Gary Works will still be owned by U.S. Steel Corp.) Controlled by an Indian family based in London with corporate headquarters in Rotterdam, Netherlands, Mittal Steel now owns the last major mill on Lake Erie at Cleveland and the nation’s only tidewater plant at Baltimore. [Link]
  10. This is a state so hated by terrorists that even a rural popcorn factory with five employees is considered a target!

    Ennis, such snark — how do you know that Indiana hasn’t been secretly infiltrated by subversive sleeper types who hate our freedom? That’d just maintain the element of surprise — sleeper types are very sneakly like that. And besides there’s a real danger here about which you are being very nonchalant — after all, popcorn explodes….

  11. Good Post Ennis. For me, the move by Laksmi Mittal is a big slap on the face of islamic terrorists. We need more positive role models like Mittal.

  12. boys, if this is satire i dont get it. surely you realize the decision for the expansion was made several months ago – the takeover was publicized once the greybeards were let go, the loyalists were ready to come on board and the big old ribbon was put up for a photo op. if the “terrorist target” news was a revelation, this info wouldnt have been available to the bean counters for the risk assessment.

  13. Laxmi Mittal is a sign of the future.

    A man of steel.

    An Indian man of steel.

    I shall make myself in his image.

    And Indian man with balls of steel.

    With saffron balls of steel.

    Hail Arcelor Mogambo!

  17. Ennis –

    I see it on the road Lakshore Drive becomes going from downtown Chicago to Merrillville and Gary.

    Hari