It's a trap, and a steel one at that. My theory is that the private equity vultures and metal cartelists of the Bush regime (Bush's Carlyle Group, O'Neill's Alcoa, etc.) want
-distressed companies with panicked business plans and divisions for sale, in both North America and Europe (such as Anglo-Dutch Corus).
-higher steel prices worldwide (to get some profitability back in the businesses they either own or take over--market advocates call that restructuring or consolidation as if it happened deus ex machina)
When will the Europeans realize: the talk is free trade and trade liberalization, but the strategic, managed trade boots were made for walking and they are walking all over you! Strategic trade for the players who either buy access to the federal government, advise policy for it or add a revolving door job in it to their late career re'sume's.
Japanese banks. Korean chaebol. Financial deregulation. Global steel production. Oil and gas, gas and oil anywhere God let's Texans pump it out of the ground and sloosh it through pipes. Bush-Cheney-O'Neill are running out of challenges. See attached urls and article below to see what I mean.
Charles J
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http://www.aluminiumguide.com/
http://www.busrep.co.za/html/busrep/br_frame_decider.php?click_id=345&art_id =qw1016448841204B216&set_id=60
http://news.bbc.co.uk/hi/english/business/newsid_1878000/1878334.stm
Corus to quit aluminium market
Corus: To focus on steel Anglo-Dutch steelmaker Corus has said that, thanks to stifling competition, it is to sell its aluminium businesses.
The firm, reporting a pre-tax loss of 462mGBP for last year, said it was "immediately" beginning the process of selling the operations.
The sale of the units, based mainly in Germany, Canada and Belgium, will mark failure in a drive to diversify Corus from its steel heritage into a number of metals markets, the company admitted.
"Our judgement is that while we have very good businesses, the pace of change in the [aluminium] industry is leaving us with fewer options to pursue a growth strategy," chief executive Tony Pedder said.
"This divestment will bring to an end aspirations for a multi-metals strategy."
Steel losses
Corus' aluminium businesses, which supply firms such as aircraft and ship makers, were among the company's best performers last year, achieving an overall operating profit of 58mGBP.
The core steel plants lost 446mGBP, as oversupply on world markets, and the global economic slowdown, hit prices.
But Corus predicted that, with steelmakers worldwide slashing output, it would be able to raise prices in coming months.
It has urged the European Commission to impose retaliatory measures on the US after Washington two weeks ago imposed tariffs of 30% on steel imports.
The tariffs "will be resisted by the European Commission... and we strongly support this stance", Corus chairman Sir Brian Moffat said.
Job losses
Corus took the unusual step of announcing Monday's statement to union representatives ahead of investors.
The firm admitted that 2001 had been a "difficult period" for staff, as the firm progressed a restructuring which has cut the number of employees on the payroll by 12,200 last year.
This figure includes 6,600 posts transferred with the sale of a stainless steel business, but excludes 4,400 job losses scheduled by 2004.
"Change on the scale that Corus has undergone over the last year or so is never easy, and presents additional challenges to all," Mr Pedder said.
In the City, Corus shares stood 2p higher at 89p in early trade on Monday.
Corus was formed in 1999 by the merger of British Steel with Holland's Hoogovens.