ArcelorMittal is the largest player in the global steel industry. Formed in 2006 via the merger of Arcelor and Mittal Steel, the two largest steelmakers at the time, ArcelorMittal now produces more than 5% of the world's steel. The company derives the majority of its revenue from North America and Europe, while emerging markets account for approximately 40% of total sales. However, the company is slated to divest its ArcelorMittal USA operations to Cleveland-Cliffs in a transaction expected to close by year-end 2020.