Comprehensive analysis of 30 years of steel industry consolidation reveals three phases: early scale-focused deals (1995-2008), crisis-driven restructuring (2008-2015), and current technology/specialisation focus. Acquisition costs range from 1/tonne (distressed assets) to 18, 500/tonne (specialty aerospace steel). Strategic rationales evolved from horizontal integration to vertical supply chain control and decarbonisation technology.
Andrzej M. Kotas (Wed,) studied this question.