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Analysis of steel in the restructuring should take strategic M & A

Author: ZhangTao From: www.yourpaper.net Posted: 2010-05-31 07:15:01 Read:
Keywords: the steel enterprise merger restructuring strategy
Abstract: this paper, analyzes the characteristics of international and domestic steel industry merger and reorganization in recent years, made of steel enterprises in the merger and reorganization of the attempts and efforts are described in detail, the tentative idea of clad in steel enterprise merger and acquisition should take strategic reorganization, and puts forward some suggestions.
According to the general experience of the development of the international iron and steel manufacturing, for the iron and steel complex large-scale, in addition to the correct business strategy, compared with the new steel production capacity more effective approach is to merge their competitors.In 2006 August, the largest iron and steel enterprises Mittal's successful acquisition of the world's second largest Steel Corp - "Arcelor Mittal, form --" the new company, crude steel production capacity reached 150000000 T, accounting for 11% of the world's total, which triggered the global steel industry M & a new era.
characteristics of mergers and acquisitions of l iron and steel enterprises in recent years.
In 2006 China Steel exceeded 400000000 T, accounting for 1/3 of the total world steel production, become be worthy of the name of the big country of iron and steel.However, after the domestic steel industry rapid development, there are more problems: including overcapacity, resource supply and environmental capacity to support and so on, especially the degree of industrial concentration is low, has seriously affected the further development of industry.To solve these problems, merging and restructuring is an effective way, be imperative.
According to the national steel industry development policy, one is to 2010, domestic l0 Steel Corp's output to reach 50% of national production, by 2020 this proportion will reach 70%...; two is the strict control of new capacity, accelerate the elimination of backward production capacity, "eleven five" period to eliminate backward iron smelting capacity of about 100000000 T, and the formation of 2 ~ 3 30000000 T, several tens of millions of tons of internationally competitive large-scale iron and steel enterprises; three is the macro-control to increase the iron and steel project investment restrictions.Domestic enterprises to further expansion of the scale, must adopt the mode of M & A.
In recent years, several characteristics of the merger and reorganization of China's iron and steel enterprises:
(1) M & a range gradually expands.Anshan and Benxi founded the saddle of the group, in 2006 in one fell swoop occupy the domestic steel production leading seating.North China Shougang and steel joint establishment of Shougang Jingtang steel joint limited liability company.Tangshan Iron and steel, Xuanhua Iron and steel plant and the formation of a new Tangshan Iron and steel company.Tangshan Iron and Steel Group and Hebei iron and Steel Group, Handan Iron and steel group into, the capacity of more than 30000000 t.Baosteel first trans-regional reorganization after the holding of Handan Iron and steel, and to jointly set up a way Hangang Hanbao company, to build the project Hangang new area.Jinan steel, Laiwu Steel in Shandong will be integrated into the state-controlled Shandong Steel Corp, and steel restructuring, taken from inland to the coast of Shandong transfer important step, also finally achieved 30000000 T steel dreams lead.
(2) the merger and reorganization in the form of mouth constantly.A gradually advancing.The saddle of the joint is divided into three steps: the first step is to hang brand; the second step is to unify the personnel aspect; the third step is to achieve the integration of assets.Two is the equity integration.Because of Tangshan Iron and steel, Xuanhua Steel, bearing steel belong to the SASAC of Hebei Province, the new steel is the first step in property rights, equity integration, will Xuanhua Steel, bearing steel of all state-owned assets overall under the Tang, the second step is the asset business integration and enterprise restructuring.Three is the direct implementation of diversified ownership.Jilin Tonggang in the restructuring process, introducing the private iron and steel enterprises outside the province.In addition, with the development of Chinese capital market, raise funds, recombinant convertible to issuing new shares, including the realization of the overall market is becoming a popular trend.
(3) reorganization restructuring and market-oriented administrative coexist.Because of many reasons, most of the current restructuring is the government to play a leading.But the administrative restructuring and market-oriented restructuring, two ideas are constantly colliding, game.Market-oriented restructuring when the devaluation of Baosteel acquisition for Xinjiang eight one steel mills, eight one mills replenishment of 3O billion yuan has 69.61% of the shares, the case opened China's iron and steel industry cross-regional integration and restructuring of its kind, is gradually occupy the mainstream position.
2 steel in the merger and reorganization efforts and try
Clad in enterprise development has been in pursuit of bigger and stronger on the road, and many other business negotiation merger and reorganization or the introduction of strategic investors.
The 2005 package. The Mittal company as the introduction of strategic investors in Baotou Steel, both of you are due diligence.But because of the national industrial policy constraints and other reasons, Baotou Steel ended with Mittal's cooperation.At the end of 2006 in Ningxia Hengli Steel Wire Rope Factory conducted due diligence, and the Ulanhot iron and Steel Co., Ltd. (hereinafter referred to as steel) conducted field research.2007 in Inner Mongolia the Yellow River Steel Industry & trade group the Qianlishan Steel Corp conducted due diligence, and lasted for a few years, in 2009 September set up a joint venture company: Wuhai Baogang wanteng iron and Steel Co. ltd..
Clad in ended with Mittal's cooperation, to realize the sustainable development of enterprises, the beginning of 2006 and Baosteel on strategic cooperation for a wide range of communication, in-depth discussion, did a lot of work.And in July 23, 2007 in the Inner Mongolia Autonomous Region's capital, Hohhot City signed the "Shanghai Baosteel Group Corporation and Baotou iron and steel (Group) Co., Ltd., a strategic alliance framework agreement".After the steel and Baosteel has conducted a number of talks, hope to further cooperation in the capital level.In order to achieve both in development planning, major investment, marketing and other aspects of the synergistic effect, enhance the market competitiveness.
3 clad in M & A environment should take the strategy of
Steel is located in the western region of Inner Mongolia, located in the North China, northwest of the connection hub, adjacent to Shanxi, the Inner Mongolia Autonomous Region coal enrichment zone, adjacent to the Mongolia country is rich in resources, Russia, near the Yellow River, where the power is sufficient, with good conditions for development, resource advantage is obvious.Effect of smaller products have the characteristics that Baotou Steel Products by the macro-control, is located in the northwest, labor cost and Baosteel, Wuhan Iron and steel, Tangshan Steel, saddle of the steel enterprises strong superiority.
Based on the above analysis, in the domestic iron and steel enterprises mergers and acquisitions tide, Baotou next strategic vision is: according to the development of the national steel industry, in accordance with the requirements of adjusting the structure, a moderate expansion of the scale, improve enterprise's core competition ability of the product requirements and adapt to the regional government, autonomous regions to accelerate the process of new industrialization, combining with the development the actual steel, steel production of 10000000 t in size, structure adjustment and autonomous regions metallurgical industry to eliminate backward (equivalent replacement), to achieve industrial upgrading, the implementation of resources and optimal allocation, improve the environment and the development of circular economy to combine; to implement the resources and optimize the use of resources (including Mongolia and Russia resources), elimination backward, restricted small big help, developing circular economy and mergers and acquisitions as a means, to structural adjustment, reduce consumption, improve the environment, improve the core competitiveness as the goal.In the scientific and reasonable increase the size of the premise, the development of high value-added steel products.Continue to expand opening up in the development process, increase from focusing on self rolling development to open.Continue to strengthen cooperation with Baosteel, Anshan Iron and steel and international advanced companies, the introduction, digestion, absorption, re-innovation to accelerate the technological upgrading, realize by the emphasis on the hardware level to focus on the hardware and the "soft power" to enhance both changes.In the rare earth, give full play to the advantages of centralized management of Baotou Iron and Steel Group, Baotou Steel Rare Earth Industry Based on the internal reorganization and integration, continue to promote the industry consolidation and reorganization; use of Baotou Steel Rare Earth in Inner Mongolia rare earth resource has the monopoly advantage.In vigorously mergers downstream processing enterprises, but also to further change the sales model, improve the industrial chain, to extend the company of rare earth industry resource control, highlight the "Baotou Steel Rare Earth" leading position.In the rare earth in process of research and development, to form their own core technology, core products.It is reported, the national "rare earth industry development plan (2009 to 2015)" and "rare earth industry development policy" will be issued.Thus, borrowing, borrowing strength development, changing resource advantages into industrial advantages, speed up the process of industrialization, the rare earth industry economy and scale of industry bigger and stronger as soon as possible.
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