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Global steel industry in consolidation mode
The global steel industry has been consolidating for the past several years. But the biggest deal has been Mittal's acquisition of Arcelor, reports CNBC-TV18.
The global steel industry has been consolidating for the past several years. But the biggest deal has been Mittal's acquisition of Arcelor, reports CNBC-TV18.
The man of steel has brought the steel consolidation to the fore. LN Mittal created the world's largest steel company when he bought into Arcelor for USD 33 billion, earlier this year.
That was the biggest one. But Mittal has been shopping for a while. In August last year, he bought Ukrain's KryvorozhStal for USD 4.6 billion. The steel industry has been consolidating at a scorching pace. Last year alone, there were 165 deals worth nearly USD 27.4 billion.
Turkish company Oyak acquired Erdemir for USD 2.5 billion and SeverStal bought Italian steelmaker Lucchini for USD 2.3 billion.
Earlier, in May 2003, US Steel bought National Steel Corp for USD 1.12 billion. Tata Steel itself made two acquisitions in the past two years. It bought Singapore's NatSteel for USD 486 million last year and Millennium Steel for USD 175 million this year.
Now if Tata Steel acquires Corus it will create the world's fifth largest steel company. With Tata Steel's legendary low-cost production mantra joining hands with Corus' pemium products, this could become a marriage made in heaven.
Turkish company Oyak acquired Erdemir for USD 2.5 billion and SeverStal bought Italian steelmaker Lucchini for USD 2.3 billion.
