Welcome to the fourth edition of Forging Ahead, covering mergers and acquisitions (M&As) in the global metals industry in 2007. Our report shows that deal-making in the industry has soared to unprecedented levels, but the focus of interest has shifted from steel to aluminium and from Western Europe to North America.
We have analysed the key trends driving this activity and discussed the largest individual deals in more detail. We have also considered the impact of the credit crunch which began in mid-2007, and assessed the outlook for the next few years.
We believe that, despite the turbulence in the capital markets and downturn in the world’s leading economies, the scope for deal-making is still huge. Indeed, in the current climate, some corporate buyers could well enjoy a stronger hand than ever before.
This year’s issue also includes a discussion of the key differences in the opinions of chief executives in the metals industry and those in all industries, based on data drawn from PricewaterhouseCoopers’ 11th Annual Global CEO Survey; and an analysis of how the regulation of carbon emissions is likely to affect metals companies. As our survey findings indicate, rising energy prices and the cost of meeting the growing body of regulations on carbon emissions are among the industry’s main concerns.
We hope that you enjoy the latest edition of Forging Ahead. If you have any queries about our findings, please contact us. The fifth issue, covering deal activity in 2008, will be released in April 2009.
Jim Forbes
Global Metals Leader
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