voda schreef op 10 september 2011 17:15:
Aperam open for consolidation talks with rivals in Europe - CFO
Reuters reported that stainless steel maker Aperam, spun off by ArcelorMittal in 2011, is open for consolidation talks with rivals in Europe, where the stainless steel industry is suffering from overcapacity, and producers are grappling with lower priced imports from China.
Mr Julien Onillon CFO of Aperam said that "There's some movement in the industry, the companies are spinning off their businesses. We are open for consolidation, so that means you can come and talk to us."
However, Mr Onillon said that underlying demand in the market is not so bad now and inventory not so high.
He added that Aperam has about a quarter of the market share in Europe, if Asian imports are excluded.
He said that "To do a merger you need to be two. If everybody has not made up their mindset, it's difficult to make a movement further towards consolidation."
Outokumpu EVP Mr Kari Parvento, also speaking to Reuters on the sidelines of the conference, said that "Our official view is that we support the consolidation in Europe."
Asked if companies are now talking with each other informally, both Mr Parvento and Mr Onillon declined to comment.
Europe's stainless steel producers like ThyssenKrupp, Acerinox, Aperam and Outokumpu have all started the restructuring process. ArcelorMittal listed Aperam early in 2011 and ThyssenKrupp announced plans in May 2011 to sell its Global Stainless division in 12 to 18 months. Acerinox said in June 2011 that it was restructuring into regional divisions, creating a separate operating unit, Acerinox Europa. Mr Mika Seitovirta, who took over as Outokumpu's CEO in April 2011, has launched a restructuring plan including cuts of up to 350 jobs and sales of stakes in miner Talvivaara and distributor Tibnor.
(Sourced from
www.reuters.com)