THE SKEPTIC: The Big Steel
Posted on Wednesday, November 23 @ W. Europe Standard Time |
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LONDON (Dow Jones)--Arcelor (5786.FR) chief Guy Dolle is right when he says that Canada's steel producers are "not immune to the forces driving consolidation," even if they have so far sidestepped the trend...
LONDON (Dow Jones)--Arcelor (5786.FR) chief Guy Dolle is right when he says that Canada's steel producers are "not immune to the forces driving consolidation," even if they have so far sidestepped the trend. There's no question a host of factors are conspiring to drive steelmakers together and that most expect the pace of deals to remain heady, given the fragmented global industry. Yet there is a risk that in bidding for Ontario's Dofasco (DFS.T) Dolle is falling into the trap of overpaying for assets simply so as to not get left behind by the M&A wave often seen as essential to ironing out cyclical industries' ups and downs.
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