Our Strength Is People

GLOBAL STEEL PRODUCTION 2005 (in million tonnes) 1. Mittal Steel - 49.89 2. Arcelor- 46.65 3. Nippon Steel - 32.91 4. Posco - 31.42 5. JFE Steel - 29.57 6. Shanghai Baosteel - 22.73 7. US Steel - 19.26 8. Nucor - 18.45 9. Corus - 18.18 10. Riva - 17.53 56. Tata - 4.4 Source: Metal Bulletin

London-based Indian, Lakshmi Mittal, purchased the Luxembourg-based Arcelor early this year. I know that means jack-$hit to most of us! Let me try that again, Anglo-Dutch steel firm Corus has accepted an $8.1bn takeover offer from Indian rival Tata Steel. The Corus buyout makes Tata Steel the world's fifth largest steelmaker.

Still makes no sense? What if I were to make this ubsurd proclamation that all this consolidation is about cutting costs and staying competitive in an era of soaring Chinese steel production. I suppose these booming south-asian economies are going to need some bad ass quantities of iron and steel. I wonder how many steel workers are worried about their pensions. Are thinking about the jobs they are going to lose with all the low-cost steel thats going to available in the world market now. What can I say it's the sign of the times: ailing high-cost undesirable North American and European industries pegged against ambitious managerial talent from India.

Hey 'Days of our Lives' fans this isnt half as complicated as the plotlines you are used to. Mittal bought Arcelor, when Arcelor was interested in buying Dofasco. Flipping Dofasco to ThyssenKrupp AG in the process. Wow! Now that's what I'd a call an incestuous relationship.

Iron-ore oligopoly stories hardly make a dent in our lives. I blame Tomkat, Bennifer, Nick and Jessica for that!

I'm beginning to get the feeling the steel maharajahs 'Lakshmi Mittal' and 'Ratan Tata' think the tagline "Our Strength Is People" suits India best!