Word: arcelor
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...talk the language of international trade and finance as if they had degrees from the best graduate schools in the U.S. (which of course many have). The best Indians, by contrast - and this was before the news broke of Lakshmi Mittal's audacious bid for Europe's steel giant Arcelor - were business leaders from the private sector, already building brands (as very few Chinese firms yet have done) with a global reputation. This speaks to a significant difference in the Chinese and Indian economies. Mittal may have spurred protectionist talk from some European politicians, but at least...
...already has a crop of companies - Infosys, Jet Airways and Mittal Steel - whose leaders are trying to become the next masters of the universe. Indeed, while Davos was in full swing on Friday, Mittal Steel made an audacious j18.6 billion bid for Europe's steel champion, Luxembourg-based Arcelor. Naturally, such predictions depend on a huge number of assumptions that could easily be wrong. Both nations could be derailed by geopolitical instability or Western protectionism. Both need to overcome enormous regional disparities of wealth and spread their growing prosperity more evenly among their populations. Davos had a well-attended session...
While much of corporate Europe shut down last week, top officials at the Luxembourg steel company Arcelor were working harder than ever. In the space of just seven days starting Dec. 22, the firm bought a 50% stake in two Costa Rican firms and snapped up 20.5% of a Turkish steel company. By far its biggest move came on Dec. 23, when ceo Guy Dollé announced a $4.2 billion hostile takeover bid for Canada's leading steel producer Dofasco, topping an agreed offer by Germany's ThyssenKrupp. Arcelor is trying to reduce its heavy dependence on the European market...
...Thus mergers have proliferated: Luxembourg-based Arcelor, currently the world's largest steel producer, was formed in 2002 through the merger of steel companies in Luxembourg, Spain and France. Corus emerged from the 1999 union of British Steel and Dutch firm Hoogovens. In order for steelmakers to wield sufficient clout, notes Tommy Trask, an analyst at Standard & Poor's, steel "needs to be as consolidated as the iron-ore suppliers or the end customers." Both Mittal and Wilbur Ross, the former investment banker and distressed investment specialist who helped create ISG, envisage a future where steel is dominated...
...Does this mean that in five years, the new class of big firms like Corus, Arcelor and Mittal will want to walk away? Not likely. In the short term, there is money to be made. And by mere virtue of their size, giants like Mittal should also be well-placed to ride out the industry's next dip. The new group will have "enough economies of scale to ride out the downward part of the cycle," says Daswani. "No-one sits pretty in a downturn. But it's the small and medium-sized companies who get squeezed first." Maybe...