European steel M&A heats up even for loss-making plants
By Maytaal Angel LONDON (Reuters) - In late 2015, the steel industry - a gauge of the world’s economic health - was on the ropes. Record Chinese exports, excess global capacity and shrinking demand had pushed prices to decade lows, forcing closures, lay-offs and bankruptcies.
The picture couldn't look more different today. Thanks to China's decision to dramatically cut capacity while boosting infrastructure spending, added to the improved outlook for global growth and increased protectionism, prices have surged