enthalpy

enthalpy

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Wednesday, January 31, 2007

Posted 1/31/2007 05:03:00 PM by Douglas

What used to be British Steel was bought out by a huge conglomerate. From where? You guessed it. . . . India:

Indian firm Tata Steel has won the battle to take over Anglo-Dutch steelmaker Corus.

Tata's bid for the European steelmaker, which was created from the merger of British Steel and Hoogovens, beat that of its Brazilian rival CSN.

The takeover will create the world's fifth-largest steel group.

Well, bully for them. That's where the world's manufacturing base is moving: India and China. Pardon me if I don't celebrate the countries that brought about the Industrial Revolution, say, England and the United States, going tits up with their capacity to produce. On to the celebration:

Tata Steel's owner Ratan Tata hailed the takeover as "a moment of great fulfilment for all in India".

"When we first bid for Corus, many thought it was an audacious move," he said at a press conference in India.

"Tata has a global scale now.

"This is the first step in showing that Indian industry can step outside its shores into an international market place as a global player."

First step? I guess. But certainly not the last.

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