sold International Steel Group to Mittal Steel Company for $4.5 billion, half in cash and half in stock, and made 12.5 times its original investment. Ross personally made a $260 million profit on his $3 million investment and gained a seat on the board of directors of Mittal Steel. International Textile Group (ITG) After outbidding Warren Buffett, who offered $579 million, WL Ross & Co acquired Burlington Industries for $620 million and combined it with Cone Mills in 2004 to form International Textile Group. In 2005, Ross acquired 77.3% of Safety Components International for $51.2 million. In October 2006, Ross had International Textile Group acquire Safety Components International. Ross controlled both companies and in February 2014, Ross paid $81 million to settle a lawsuit brought by shareholders that Ross breached his fiduciary duty when structuring the merger. International Textile Group was acquired by private equity firm Platinum Equity in 2016. International Automotive Components Group (IAC) International Automotive Components Group was formed in 2006 by WL Ross & Co and investment funds managed by Franklin Templeton Investments. In 2006, the company acquired the European operations of Lear Corporation and in 2007, it acquired Lear's North American interiors operations. In 2005–2007, IAC purchased several divisions of Collins & Aikman. In September 2005, investors led by Ross invested $100 million in Oxford Automotive for 25% of the company. In 2006, Oxford merged with Wagon Automotive. International Coal Group (ICG) WL Ross & Co founded International Coal Group in 2004 after acquiring the assets of several bankrupt coal companies. The United Mine Workers of America protested the reorganization as it led to changes in health care and pensions for the existing employees. In 2006, the Sago Mine disaster, an explosion in a coal mine indirectly owned by International Coal Group, likely caused by a lightning strike, led to the deaths of 12 miners. The mine had 12 roof collapses in 2005, and U.S. Department of Labor data showed 208 citations for safety violations in that same period, including 21 times for build-up of toxic gases. Miners and their families accused Ross of ignoring safety violations. Ross defended his company's management of the mine. In 2011, Arch Coal acquired International Coal Group for $3.4 billion. Navigator Gas By January 2016, WL Ross & Co was the "biggest investor" in Navigator Gas, a liquefied gas shipping company. Overstating of net worth In February 2017, Forbes reported