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January 27, 2006
The steel wars, Fri., Jan. 27, 2006, 7:24 AM
Just as the Stelco situation is heating up in Canada, the world's largest steel company Mittal (NYSE: MT) has made an unsolicited offer for Arcelor, which is second biggest. In turn, Mittal states that they would agree to sell Canada's Dofasco Steel to ThyssenKrupp for less than what Dofasco agreed this week to sell out to Arcelor.
Mittal, Arcelor and ThyssenKrupp are all European-based steel companies. Dofasco and Stelco, of course, are Canadian. The question I have is, where are the Russians? Aren't they going to play?
This will be a developing story today, so I will return to this article and add charts and news links later. I note that Stelco is rallying significantly on the Toronto Stock Exchange, which is shocking in light of the fact that Ontario Superior Court Judge James Farley ruled a week ago that these shares are worthless.
I guess that Farley isn't bigger than God after all, and that the Stelco shareholders do have God on their side.
So much for Farley's credibility. But I told you that many months ago.
Posted by Posted by Bill Cara on January 27, 2006 07:24:49 AM | Category: 15 Materials
Bill,
What happened with CGA yesterday between 2 and 3? Gap down then it spiked lower.
Posted by: davidtr4![[TypeKey Profile Page]](http://www.billcara.com/nav-commenters.gif)
at
January 27, 2006 9:23 AM [link]