ArcelorMittal S.A. (French pronunciation: ?[a?s?l??mi'tal]) is a Luxembourg-based multinational steel manufacturing corporation headquartered in Boulevard d’Avranches, Luxembourg. It was formed in 2006 from the takeover and merger of Arcelor by Mittal Steel. ArcelorMittal is the worlds largest steel producer, with an annual crude steel production of 98.1 million tons as of 2014[update]. It is ranked 108th in the 2016 Fortune Global 500 ranking of the worlds biggest corporations. ArcelorMittal was created by the takeover of Western European steel maker Arcelor (Spain, France, and Luxembourg) by Indian-owned multinational steel maker Mittal Steel in 2006, at a cost of €40.37 per share, approximately $33 billion total. Mittal Steel launched a hostile takeover bid which replaced a previous planned merger between Arcelor and Severstal, which had lacked sufficient shareholder approval. The resulting merged business was named ArcelorMittal and is headquartered in Luxembourg. The resulting firm produced approximately 10% of the worlds steel, and was by far the worlds largest steel company. Total revenues in 2007 were $105 billion. In October 2008, the market capitalisation of ArcelorMittal was over $30 billion.