LNM chairman expects more steel industry mergers
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Manufacturing News, Source : TheManufacturer.com
Published : 11 Feb 2003 21:57
The trend of mergers in the global steel industry is said to be far from over, with the largest steel business likely to double its market share in the next five years, according to Lakshmi Mittal, chairman of global steelmaker, LNM.
Mittal said the US steel tariffs instituted last March have been a blessing in disguise. They have stimulated consolidation in the fragmented US steel industry and have increased steel prices worldwide.
Within five years, we could easily see the figure [the proportion of the world’s steel made by the biggest company] grow to 8% or 10%, said Mittal.
LNM is currently bidding for Polskie Huty Stali, a newly formed steel firm in Poland that is being privatized. US Steel has also made a bid for the company. LNM’s recent acquisitions include Sidex in Romania and Nova Hut in the Czech Republic.
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