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II. THE STEEL INDUSTRY
III. STEEL MARKET ANALYSIS
IV. THE MITTAL STEEL
V. MITTAL’s UNIQUE WAYS IN M&A
VI. WILL MITTAL’s M&A STRATEGY
BE STILL EFFECTIVE IN THE FUTURE?
- WHAT WE HAVE LEARNT
The reason for our selecting Mittal Steel descends to one key question. How did a company which a few decades ago was only a single steel producing mill in India become the world’s largest and most global company? Mittal Steel, the world’s number one steel producer since 2005 achieved its success by taking a strategy, which in the past, was a drastic change for the industry – this was to consolidate the steel industry. By analyzing Mittal’s strategies, we hoped to look closely at the globalization process of Mittal, and the characteristics of its M&A process, as a form of Foreign Direct Investment.
Recently at the World Steel Dynamics/Metal Bulletin Annual Steel Success Strategies Europe Conference in London, Aditya Mittal, President and chief financial officer of Mittal Steel gave a speech, among which quoted;
“For the first time in the history of the steel industry we have been able to sustain value in an over-supply environment by temporarily cutting production. This is a major step change in the way the industry is behaving and is largely due to consolidation.”
The quote clearly implies that Mittal will continue its M&A strategy as long as it creates value for the firm.
In this paper, we begin with a brief introduction on the current status and future outlook of the steel industry followed by description of Mittal and its M&A strategy. Based on the information, we tried to point out the key factors of Mittal’s M&A strategy that made Mittal Steel so successful compared to its competitors and examined on whether Mittal’s M&A strategy will continue to be successful in the future. Together with our analysis, we came up with recommendations on how Mittal should improve to sustain growth and advantage in the steel industry in the future.
Devi, Nadarajan G. “Mittal Steel: Accelerating Consolidation in the Global Steel Industry.” ICFAI knowledge Center, 2005
Verma, Mirdu. “Ispat International: Consolidating European Operations.” ICFAI knowledge Center, 2005
Vemuri, Kalyani. “Lakshmi Niwas Mittal: Spearheading Consolidation in the Global Steel Industry.” ICFAI Business School Case Development Center, 2005
Kim Jae Yul. 『Adoption of New Paradigm for World Steel Industry, and POSCO’s Strategy』 POSRI, 2004
Yoon Su gul, Kim Yong Sik, Kwon Bo Kyung. “Case Study of Globalization Strategy of World’s Top 3 Steel Companies.”『POSRI Business Reaserch』. POSRI, Volume 5, 2nd issue, 2005.01.
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