Nerds of Steel

A senior steel industry manager who had just been offered a promotion to head office was reflecting on his choice. Looking for guidance, he asked a colleague for advice. ‘Just add value,’ was the terse reply. His implication of course was that corporate ‘overhead’ usually doesn’t. His deeper implication was that real value is only added in the operating units. In the new world of the steel industry, that bias could be costing steel companies growth and performance.

Steel industry employees have long been suspicious of corporate headquarters - with good reason.

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Here’s some of the largest steel company data from Metal Bulletin. Just click on the link below to be taken to a full version of the spreadsheet snapshot shown here.

EditGrid Spreadsheet by user/jasmo58.

Here is a list of the top steelmakers in the world, as measured by crude steel production, from 1988 to 2006.  iisi-top-steelmakers-1988-to-2006.pdf

The attached spreadsheet has a quick analysis of what US Steel paid, in total and $/ton of capacity. Most news reports seem to include only the cost of Stelco equity, this spreadsheet adds in the assumed debt.

stelco-acquisition.xls

Here’s a link to the presentation re: the acquisition on US Steel’s website http://www.uss.com/corp/investors/presentations/Roadshow%20Presentation%20Final.ppt