Pursued by a bear

摘要

When a Russian steelmaker ventures into eastern Europe or the Baltics looking for acquisitions, it seems a logical extension of recent history, but when they step further afield it becomes clear that a new era is unrolling. There are as many rumours of takeovers as there are actual transactions, each move and countermove leaving a trail of anticipation in its wake. The most recent acquisition is Magnitogorsk's winning bid for Pakistan Steel Mills in April, and the most recent high-level rumour involved Evraz Holding and the Anglo-Dutch steelmaker Corus. The international steel business is consolidating, and Russia is playing its part.