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Article: When steel forged its first mega-deal.
- Article from:
- Sunday Business (London, England)
- Article date:
- February 25, 2001
CopyrightCOPYRIGHT 2001 Sunday Business Publishing. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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AST week's announcement of the creation of the world's largest steel-maker by Usinor of France fell, by a curious twist of fate, almost to the day on the centenary of an earlier steel-industry mega-merger - the formation of United States Steel Corporation, the largest merger relative to the scale of economic activity.
In 1901, US gross domestic product was $20bn, making US Steel's $1.4bn capitalisation equivalent to 7% of GDP. American GDP is now $10,000bn, meaning that an equivalent capitalisation would be around $700bn. That is double the size of the AOL-Time Warner merger which, when announced in January last year, was trumpeted as the world's ...
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