Mittal Steel is the world's largest and most global steel company, with shipments of 42.1 million tons and revenues of over $22 billion in 2004. The company owns steel-making facilities in 14 countries and sales and marketing offices in a further 11.

Mittal Steel is based in the Netherlands and moved its U.S. headquarters, including 212 management workers into 1 S. Dearborn St., a new 40-story office tower. The employees had been based in Ohio and other cities in the Midwest.

The company chose Chicago partly due to its law and audit firms and its proximity to two airports—something especially important because of Mittal Steel’s international headquarters and operations throughout the U.S. and the world.

“Chicago is ideally located for a global company like this,” said Mayor Daley, who pointed to the area's well-educated work force, nationally-ranked business schools and proximity to airports that allow travel non-stop to cities throughout the country and the world.

Chicago is the only dual “dual-hub” airport system in North America—handling over 3,600 flights per day, as well as being a nonstop global gateway to 46 international business capitals.

“The kind of support services you need to effectively run a corporate headquarters are really appropriately here,” said Louis Schorsch, CEO of Mittal’s U.S. division.

World Business Chicago provided comparative statistical data of the company’s three most likely HQ cities. WBC also organized meetings between the State, City, building owners & realtors and assisted the company with accurately assessing the costs, taxes as well as miscellaneous introductions to service providers.

Mittal Steel received $7.5 million from the state in tax credits and to pay for job training and infrastructure costs and another $2 million from the city for equipment, fixtures and furniture.

Mittal Steel is a very significant addition to Chicago’s business community. Besides the legal and accounting work that will come to Chicago companies as a result of the move, various businesses such as hotels and restaurants will benefit because of the steady stream of clients and company officials from all over the world who will be visiting.