Business Services Industry
Steely resolve: BlueScope unmoved by Smorgon threat.
Australasian Business Intelligence, November, 2006
Byline: Andrew Trounson
Nov 20, 2006 (The Australian - ABIX via COMTEX) -- BlueScope Steel CEO Kirby Adams says Smorgon Steel's supposed plan to divest its distribution arm is mere posturing. BlueScope is keen to be major player in the consolidation of the sector in Australia, and has been in three-way talks with Smorgon as well as OneSteel. Kirby had purchased a stake of 19.9 in Smorgon to thwart a merger between the two rivals, which he argued was unlikely to gain regulatory approval in any case. BlueScope is tipped to want the distribution business, tube mills and LiteSteel Beam technology of Smorgon. On 20 November 2006, Adams opened a new steel coating factory in Vietnam with Australian Prime Minister John Howard.
Publication Date: 21 November...
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