eMvoy Blog: What's New in US Manufacturing Competitiveness

After a long bitter fight Arcelor and Mittal Steel have finally agreed to terms of a merger, pending approval by Arcelor shareholders. The $34 billion deal was inked on June 25^th, and creates a steel fabrication company three times larger than its next biggest rival that will control 10% of the world’s total steel market. Russian steelmaker Severstal was geared up to combine with Arcelor, but had its bid rejected at the last minute in favor of Mittal’s offer. Severstal is most likely going to look for a new acquisition target.

While Europe’s steel companies pair up for summer flings, the US steel industry is concerned about its image. The New York Times reports today about a new multi-million dollar PR blitz commissioned by steel makers aimed at cleaning up the industry’s, um, dirty image. Turns out when most people are asked about the steel industry, they think of 1940s Pittsburgh, PA. As it happens, steelmaking has become an increasingly clean, lean enterprise in the US. The American Iron and Steel Institute is heading up the campaign, and have the ads available on their website.

# posted by eMvoy @ 3:09 PM