Anglo-Dutch group Corus was in demand yesterday as rumours of a link-up with an emerging markets steel producer continued to swirl around.
Corus has made no secret of its desire to join forces with a low-cost producer of steel slabs from one of the Bric countries (Brazil, Russia, India and China).
At a recent investor lunch, Corus said it was spending 50 per cent of its time seeking to reach a deal.
Traders noted that the latest rumours came just weeks after a delegation of Indian steel executives visited the UK and Europe to promote co-operation in steelmaking technology.
Link to FT.com
Rumours about Corus keep continuing to circulate, the last ones relating to Severstahl and Russian connections. It would seem entirely logical for Corus to seek a low cost steelmaking partner at a time when international takeovers and mergers are creating steel superpowers. Whilst Mittal who already had low cost steelmaking facilities, sought a “high profile” European partner, Corus have a high European profile, but no low cost steelmaking capacity. Mittal in reverse, on a smaller scale?