'Tata-Corus may have not happened but for ArcelorMittal'
The Tata-Corus deal may have never happened but for ArcelorMittal, feels Aditya Mittal, LN Mittal's son and company CFO. Formula for success I Challenges for India
By PTI |
NEW DELHI: The acquisition of Corus may have made Tata Steel the world's sixth largest steel maker, but the deal may have never happened but for ArcelorMittal, feels Aditya Mittal, CFO of the world's top producer of the alloy.
"If the deal (ArcelorMittal) had not gone through, I do not think the steel industry would be where it is today, consolidation would not have happened and people would be very careful in doing deals," Mittal said in an interview to a television channel.
"Yes, it may not have," he said to a question if Tata- Corus may not have happened but for Mittal Steel's acquisition of Luxembourg-based Arcelor.
"If the deal (ArcelorMittal) had not gone through, I do not think the steel industry would be where it is today, consolidation would not have happened and people would be very careful in doing deals," Mittal said in an interview to a television channel.
"Yes, it may not have," he said to a question if Tata- Corus may not have happened but for Mittal Steel's acquisition of Luxembourg-based Arcelor.
| | | Also Read |
| | �� | |
| | �� | |
| | �� | |
| | �� |
Tata Steel launched an offer to acquire Anglo-Dutch steel maker Corus in October 2006, within four months of Mittal Steel successfully completing a transaction with Arcelor to create an entity that controls nearly 10 per cent of the global steel production.
"Corus was very clear, once we had succeeded, that they need to do something about their future and they began discussions with Tata very wisely. It was very interesting. The day we became successful, there were 10 steel companies in the world that immediately instituted a defence mechanism," Mittal said.
Had the ArcelorMittal deal failed to materialise, he felt: "The world would have been a different place, so would have been the steel industry."
But although the industry thought a deal between Mittal Steel and Arcelor and their integration would not happen, Mittal said: "It has happened much better than any of us expected.
Start a SIP with as low as ₹500 with ET Money App!
Download
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
ADVERTISEMENT
