This stable, high-income economy - benefiting from its proximity to France, Belgium, and Germany - has historically featured solid growth, low inflation, and low unemployment. The industrial sector, initially dominated by steel, has become increasingly diversified to include chemicals, rubber, and other products. Growth in the financial sector, which now accounts for about 28% of GDP, has more than compensated for the decline in steel. Most banks are foreign owned and have extensive foreign dealings. Agriculture is based on small family-owned farms. The economy depends on foreign and cross-border workers for about 60% of its labor force. (CIA World Factbook)
Major Luxembourg owned companies:
ArcelorMittal
ArcelorMittal is the world’s number one steel company, with more than 326,000 employees operating in over 60 countries. The group is the leader in all major global markets, including automotive, construction, household appliances and packaging. ArcelorMittal is the result of a merge between Arcelor and Mittal Steel.
Tenaris
Tenaris is a leading supplier of tubes and related services for the world’s energy industry and certain other industrial applications.
