Word: aceralia
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Three men, six interlocking hands, one mother of a steel company. That's the image Jos? Ram?n Alvarez Rendueles, Joseph Kinsch and Francis Mer presented in Brussels last week when they announced that the three companies they manage-Spain's Aceralia, Luxembourg's Arbed and France's Usinor-were forging one $30 billion-a-year monster that will crank out 46 million tons of steel in 2002. The new company, which has yet to be named, will be the world's largest, dwarfing the previous No. 1, Japan's Nippon Steel, which turned out 28 million tons last year...
...European steelmakers started swallowing each other soon after Europe began unifying. Both Usinor and Arbed were in the running to acquire Belgian steelmaker Cockerill Sambre when the Belgian government sold most of its stake in 1998. Arbed instead bought 35% of Aceralia, leaving Usinor and Germany's Thyssen-Krupp in the running for Cockerill. When the Germans pulled out, Usinor got Cockerill's mills by default. Now those same mills are part of the new company-the most expendable part. No surprise then that workers there greeted the merger announcement with a one-day walkout...
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