Among the examples of economic warfare provided by the School of Economic Warfare in Paris, it is worth mentioning the case of Mittal’s takeover of Arcelor and the situation of European iron and steel industry vis-à-vis financial globalization.
Over the years, the increasing number of takeovers, unions and joint ventures became an for market competitiveness. In this context, some of the takeovers stand out as hostile financial actions aimed neutralizing the opponent. Such strategic maneuvers are a significant source of concern for economic operators, as they observe the reaction of both private and public sector, which is likely to intervene in order to protect the sectors of national interests.
The acquisition of Arcelor operated by Mittal is a case in point because it involves steel, which is both one of the symbols of the European industry and the main material for other productive and strategic sectors. Both Mittal and Arcelor were two titans of the steel sector: while Mittal’s primacy consisted in the largest number of employees and produced materials, Arcelor could count on the most robust trade volume. In fact, when Mittal took it over, Arcelor was a very healthy company that had just incorporated the Canadian company Dofasco. Through this surprising trial of strength that no political or economic operator could have foreseen, Mittal secured a significant advantage on its competitors. In order to understand the strategic interests of this acquisition, it is necessary to examine Mittal’s communication campaign and the lobbying role of all the players, from the steel market to public opinion.
Looking at the steel market trends between 1980 and 2005, it is possible to notice that since the minerals coming from the Soviet Union entered the global market in 1992, both prices and demand of iron ore and steel increased significantly. If it is true that over a hundred countries produce steel, there is only a small group of states that influence its market trend: Brazil and Australia, for example, control 42% of the steel market.
Due to the impressive growth of recent years, China alone accounts for 40% of global steel production (349 million tons in 2005), of which only 3% is exported. One of the first crisis occurred when China decided to limit the export of carbon coke – the main fuel for blast furnaces. This resulted in a spike in prices of 600% and showed how a given economic choice (driven by the desire of full independence) had remarkable strategic repercussions.
In order to discuss the conflict emerged with the Mittal/Arcelor case, the School of Economic Warfare provides a deep analysis of the actors involved.
The Mittal family was the majority shareholder of this company and its funds were located in tax havens. If on the one hand the choice of acquiring Arcelor was motivated by economic and fiscal reasons, on the other hand it also hides some interests that the economic warfare should explore. The Mittal family remained the majority shareholder (51%), whereas the remaining part was divided between investment funds and institutions. In designing such a stake distribution, Mittal showed its strategic intelligence: with such a property assets arrangement, it was impossible for Arcelor to regain its business through another takeover.
Since it is more difficult to convince more shareholders to sell their quotas rather than a single one, it is more difficult to take over a business when there are multiple owners. Therefore, from the strategic point of view, Arcelor’s large pool of stakeholders discouraged competitors from acquiring it. Besides, Arcelor benefited from a strong political support on the international level thanks to its strong ties with governments and to its strategic appeal, since it was the symbol of a united Europe. The main shareholders of Arcelor –involved in the evolution of the company – were:
– The Luxemburg government: traditional stakeholder, represented at that time by Prime Minister Jean-Claude Junker, who had been very active on the European level and who initially opposed the acquisition of Arcelor by Mittal.
– The Belgian government, namely the Wallonia region, which also opposed Mittal acquisition after consulting Banque Lazard.
– Colette Neuville, who held 2.5% of the stocks and represented the small shareholders, abstained from voting on Mittal acquisition. Even though she had such a small quota, Neuville could have played an important role due to the fragmentation of Arcelor ownership.
– Romani Zaleski, French-Polish major shareholder and key man of Arcelor.
In order to secure its interests Mittal influenced decision makers and public opinion thanks to a network of associates:
– John Ashcroft, representative of the U.S. Republican right-wing party, Attorney General between 2001 and 2005. At the end of his political career he founded a lobbying agency and was hired by Mittal because of his moral integrity and relations with several members of European governments.
– Anne Méaux, press officer of Giscard d’Estaing, director of communication for Alain Madelin, who had entertained long term relations with prominent members of the French right-wing party.
– Partner banks of Mittal Steels. There were five banks which acted simultaneously to support Mittal’s takeover of Arcelor: Goldman-Sachs, Crédit Suisse, HSBC, Citigroup and Société Générale. Goldman-Sachs, which had been previously involved together with Citigroup in Arcelor’s acquisition of Dofasco, played a prominent role in Mittal’s takeover of Arcelor; Société Générale opened up an eight-million-euro credit line for Mittal.
Arcelor’s network was quite complex. It mainly consisted in both personal and business relationships: the actors would pursue their own interests while immerged in a broader network of bigger interests that would tower over those of the single actors:
– BNP Paribas and Calyon, Arcelor partner banks that had traditionally offered financial support. Merrill Lynch and UBS drafted the strategy while other institutions were also involved: Michael Zaoui from Morgan Stanley (brother of Yoel Zaoui, main strategist of Mittal) was appointed by Arcelor Management Board to consider Mittal’s offer.
– DMG – Michel Calzaroni, international communication agency, embraced market battles on behalf of food titans and French energy companies.
– Public Opinion. In order to influence public opinion, Arcelor chose Publicis Group, second best rated consultancy and media acquisition company.
– Skadden Arps, international law firm whose team was made of twelve professionals from France, Belgium and United Kingdom.
Mittal’s acquisition of Arcelor was supported by a well-designed communication campaign. Communication capacities are an essential asset for big firms, especially for those with a large number of shareholders like in the case of Arcelor, where small investors represented 85% of shareholders. In fact, this was the main problem Mittal faced when acquiring Arcelor, even more than the legal and economic aspect or the anti-trust regulations. While competition authorities of the United States, Canada and European Union were in the process of approving this operation, Mittal was allocated huge economic resources in convincing thousands of investors to support its project.
Between the above mentioned personalities, Anne Méaux played a very special role in the deal: she chose a strategy using multiple communication tools (such as press conferences, advertising on business magazines, conference calls and travels to Mittal headquarters) in order to convince the investors of the opportunities of the project; in a context of economic warfare, these communication strategies are able to address competitors with hostile messages. Mittal’s strategy was very detailed and engaged trade unions as well. Since February 2006, Mittal Steel had committed to communicate to Arcelor’s trade unions representatives its intentions about the industrial plan supporting the acquisition. The main points were occupational advantages and better work conditions, together with promise of keeping in place the agreements they had previously made with Arcelor.
Mittal also conceived a special communication strategy targeting shareholders mainly using specialized press and popular weekly magazines. Communication agencies focused on conveying a very positive image of the leader Lakshimi Mittal, through describing him as a successful self-made-man able to gather consensus both between businessmen and public opinion. Their goal was portraying Mittal as a successful entrepreneur interested in the development of his country; this made him much different from foreign investors that delocalized investments and performed a “reverse colonization” both on the economic and cultural side.
Arcelor counter-campaign, instead, presented Mittal as an inferior competitor presenting an “Indian” offer, derogatorily referring to India as a poor country (quite inappropriate considering India’s fast paced economic development). Supported by the belief to be able to rely on state aid, Arcelor tried every possible way to contrast Mittal’s attack and offered its small investors twice as much the dividends of 2005, hoping that they would have rejected Mittal’s offer. Since Arcelor’s strength consisted in the division of the ownership between small investors, in April 2006 this company offered another increase in the dividends. A month later, Arcelor announced to have received a very interesting takeover offer from a Russian company named Severstal: Mordachov, Severstal’s tycoon, would have acquired 32% of the company and the investors would have benefited from even more advantageous distributions of the dividends. Due to the initial lack of enthusiasm of Arcelor’s investors, Severstal decided to reduce its participation to 25% (that secured its position as majority shareholder), while discouraging Mittal from acquiring Arcelor and reassuring small investors on their pretty substantial profits.
Mittal’s decision to approach directly the group of Arcelor’s investors resulted in a winning move: almost the entire management board of Mittal – included Lakshimi Mittal – met with 70% of Arcelors investors and established open communication. This helped convincing their counterpart of the advantages of their acquisition offer.
This way, Mittal Steel managed to buy 34% of the Arcelor’s stake in May 2006. As the takeover took place, Mittal created the new management board in order to meet reassure the investors’ concerns about Lakshimi Mittal’s management, such as transparency of decision-making and compliance to share ownership arrangements. At the end of May, another key step was taken: in relation to a speculative investment fund, Goldman Sachs together with almost 30% shareholders requested to modify the approval procedure of Severstal proposal. At this point, the intervention of Zaleski – Arcelor’s majority shareholder – helped reaching a final solution. Thanks to the alteration of the procedures that Goldman Sachs had requested, Zaleski managed to buy more than 7.8% stocks so that by June 25th, Arcelor was fused with Mittal Steel with a final agreement granting shareholders 10% profits.
This case study highlights the importance of economic warfare that aims at protecting strategic sectors of a given field, preserving the resources and ensuring the employment development of related fields and more specifically of the industrial sector.
Besides the economic aspect of this kind of warfare, the School of Economic Warfare in Paris insists on its geopolitical aspects. In this perspective, the case discussed above has a number of hidden implications. For example, Mittal’s takeover of Arcelor can be interestingly considered as an operation aimed at containing Chinese expansionism.
Looking at the role of the United States, it is possible to argue that since the end of the Cold War, this country has adopted quite a unilateral approach in foreign policy that supported its role of world’s first economic power. Whoever challenges the American power, automatically becomes a rival, especially on the economic level. In this regard, China is a dangerous competitor that is able to successfully join forces with some African countries: through investing in education without linking any conditionality of human rights respect or fight against crime, Beijing creates alliances in another continent and gains profits from its own investments.
Besides, the Chinese government even reached a number of agreements with South American countries that are not limited to the economic sphere but also involve cultural aspect like the spread of Chinese language and culture. In Asia, China and India sealed an important deal aimed at going beyond containing the historical rivalry between the two countries: promoting in the Asian continent an environment of cooperation that is able to challenge the dominance of the United States.
Since India is the only regional actor able to contain China, the USA repeatedly tried to engage India as a trade partner, as mentioned in the deal between the two countries sealed in 2000.
In order to ensure its own economic growth and independence from other actors, China and India increased significantly their steel production and manufacturing.
In 2005, China’s consumption of steel accounted for one third of the world steel market and the very same year, Beijing became a prodigious exporter of steel. In the same timeframe, India’s steel production exceeded the needs of the country and this compromised supply-demand balance. In such a delicate phase for the steel sector, the political world did not welcome Mittal’s acquisition of Arcelor because of its impact on the strategic balance of power. From the United States perspective, Mittal was quite interesting and profitable:
– according to the authorities of the country, Mittal Steel group was not Indian;
– the reason for Mittal’s economic expansion was China. In fact, in 2004 Mittal was the first foreign company that managed to acquire 37.17% of a Chinese steel company.
The US financial community welcomed the fusion between Arcelor and Mittal, but the Department of Justice opened an investigation in order to make sure that the US could continue import large amount of steel from Arcelor. Besides, even on the financial level, Mittal’s acquisition of Arcelor confirmed the general world trend of the strategic formation of a few stable economic hubs.
As a final consideration on this topic, the European Union’s behavior vis-à-vis Mittal’s operation was quite surprising. Even though the EU originated from European Coal and Steel Community, (the organization promoting free trade for coal and steel), it did not adopt any measure to protect such a strategic sector whose value was both economic and symbolic.
Pandemic Recovery: White House – Check-In or Check-Out Times
Some 200 nations of the world are in serious economic pains of varying degrees; the images and narratives on social media makes the world appear small and spinning out of control, shrinking mental abilities to Tik-Tok tempo to fit small size screens. In reality, when global dialogues engage some 5000 languages, 2000 cultures, bouncing in 10,000 cities, 11,000 Chamber of Commerce, 100,000 trade associations and some five billion connected alpha dreamers extremely dynamic vibrancy appears. The world is immensely large, as only less than 5% its populace has ever travelled globally while 50% never went outside their own country. On social media, everyone is a certified global expert.
Nevertheless, some 200 nations are trying to change the world toward a better workable plateau, peaceful diversity, tolerance and some sort of balanced trade. The world is hungry seeking out untapped hidden talents of its local citizens, suppressed by the bad local policies. There are continents, oceans, jungles, animals and things, simply, so much, so large, so vast, a mind cannot fathom. Blessed are those who have open minds and souls. The rest self-imprisoned in their own minds, lost in the darkness of their own fears. The borderless world of commerce always needs colorfully smart; open to diversity to bounce in global space with national and global collaborations.
Such doctrines lost during the last decades as economic disconnectivity blossomed under hologramic economies. Pandemic recovery, today, forces mobilization of the midsize business economy as a bold adventure on quality exportability based on upskilled citizenry. Occupationalism demands small and midsize manufacturing to uplift local grassroots prosperity. In the history of humankind, no other experiment of human endurance has ever been as successful as America; a century old, image supremacy of entrepreneurialism wasted when some 100,000 factories and Middle-Class America disappeared from the heartland. The manufacturing based economy laughed at over ‘information economy’ and hologramic adventuring. Deep study and new global age thinking is a perquisite.
Three types of new challenges
Nations without funding: It is almost a fact most governments from top to bottom are simply broke, and almost a fact most governments have already wasted their funds beyond their means. However, if we focus just on priorities, above programs are primarily not new funding dependent rather they are deployment hungry and execution starved. Any government anywhere in the world in the name of superior efficiencies can easily adopt digitization policy as a survival strategy and make all the processes highly affordable by bringing them on digital formats. The rain of free technologies is flooding the global markets. It is more about upskilling departmental leaderships to adapt to such opportunities, without fear.
Nations without infrastructure: Small percentages of nations have the infrastructure, rest assembling like Lego as they go. The internet connectivity or knowledge plug is almost everywhere. The lack of imagination and upskilling of the gatekeepers is a critical issue.
Nations without digitization: there are a majority of nations where mental attitudes are significant problems, fear of being replaced as redundant or fear of exposing lack of competence preclude any adventure on digitization. No nation will survive on economic progress without national digitization mandates.
Three types of new models: Start with the Marshall Plan thinking, the revolutionary models and national mobilization to catch up the last decade. Start with open debates and honestly frank analysis, no finger pointing. Start with a plastic award night, congratulate failures, and carry on as usual until the next pandemic.
When history becomes nothing, but agreed upon lies, culture as agreed upon fables, truth becomes taboo, dumb down narrative dominates, restless citizenry emerges.
Summary: Within next 50 days, the US Election will make global shock waves, no matter who wins…it will be the battles on acceptance and concession speech, the mail-order selection criteria my linger weeks or months in chaos… the Vaccines races may collide with bad results and delay the process to 2022. The economic recovery shaped W may bring reopening normalcy possibly in 2022. Tough and difficult times demanding critical thinking and mental endurance on all fronts. Study how national mobilization of mid size economy works in digital age.
Plan wisely and select right paths; but open bold and honest discussions, as masked and sealed lips are where most of the problems originally germinated. Move or get moved.
How India can get its growth back on track after the coronavirus pandemic
The Covid-19 pandemic has led to exceptionally challenging times. World Bank projections suggest that the global economy will contract by 5.2% in the current year. India, too, is likely to be significantly impacted.
Covid-19 afflicted India when the economy was already decelerating. After growing at an average of 7% a year in the previous decade, growth decelerated to 6% in 2018-19, and fell further to 4.2% in 2019-20. Pre-Covid-19 slowdown was due to a number of factors: longstanding structural rigidities in key input markets, stressed balance sheets compounded by greater risk aversion among banks and corporates, and, more recently, growing vulnerabilities in thThe pandemic has rendered the outlook even more sombre. So is India’s growth story over?The pandemic has rendered the outlook even more sombre. So is India’s growth story over?
Two years ago, we analysed the long-term trends in India’s growth rates. Studying 50 years of data, we found that despite variations in the trend rate, growth accelerated steadily, with no prolonged reversals. Economic growth also became stable — both due to growth rates stabilising within each sector, and due to the economy’s transition toward the steadier services sector. Importantly, faster and more stable growth was evident across states without being concentrated, for the most part, in a few sectors or activities. Furthermore, periods of faster growth saw productivity gains and not just an increase in factor inputs. All these point to the long term resilience of India’s economy.
Several factors were instrumental in India’s growth story. First, India benefited from a growing working-age population. Second, its savings and investment rates continued to increase until the late 2000s. Third, the financial sector grew significantly, with a rising ratio of bank credit to GDP. Fourth, India was likely aided by its strong institutional base. Fifth, India’s trade-to-GDP ratio grew rapidly from the early 1990s, until world trade stalled due to the global financial crisis.
Finally, the macroeconomic policies, notably monetary and fiscal, were formulated under credible frameworks in the last decades, yielding impressive macroeconomic stability.
General State of Weakness
However, some of these factors have weakened in recent years. After the 2008-09 global financial crisis, specific weaknesses emerged in private investment, export performance and the banking sector. These have persisted for nearly a decade since. Investment rates and exports declined as a percentage of GDP. Worryingly, the vulnerability of the financial sector increased, resulting in anaemic credit growth.
Covid-19 has magnified these weaknesses. Disruption in economic activity has dented consumption, investment and exports. RBI’s financial stability report has cautioned that the financial sector is likely to bear a significant burden from the slowdown. What, then, is the short- and medium-term prognosis for India’s economy? How may the policy response be tailored?
As a response to Covid-19, extensive measures have been taken in the regulatory, fiscal and monetary policy areas. But there are limits to these relief and support measures, both in terms of their effectiveness and affordability. Recovery now will depend in equal measure upon unlocking the supply side, and on the containment of the virus itself.
Private investment in India is likely constrained by several factors, including financial sector inefficiencies, deleveraging, crowding out and regulatory policy framework. Removing these, and sector-specific constraints, and ensuring policy certainty will be important. While India has received healthy volumes of FDI, encouraging these further can spur both domestic investment and greater integration in global value chains (GVCs).
Exports were an important driver of growth prior to the global financial crisis. But its contribution has diminished since. The ratio of exports to GDP has been declining, with India’s share in global exports remaining stagnant, or even decreasing. India can improve its competitiveness in the world economy by boosting investment in infrastructure and bringing it at par with other global manufacturing hubs; further reforming land, labour and financial markets; upgrading the education system to equip its workforce with skills. Besides, a competitive exchange rate, deeper trade integration, and greater embedding into GVCs will assume significance.
In the financial sphere, Indian banks have seen subdued credit growth, and asset quality remains stressed. In the past few years, a number of measures have been announced — including the consolidation of banks, an asset quality review, timely resolution for specific institutions, strengthened oversight or forbearance (post-Covid-19) and equity infusions. These measures have improved the oversight of India’s financial sector and boosted financial inclusion. However, more needs to be done to improve the safety, depth and efficiency of financial intermediation.
Additional priorities include maintaining financial sector stability, undertaking specific reforms in the non-banking financial sector, deepening capital markets, enhancing the role of fintech and ensuring a more selective and strategic footprint for the public sector in the financial sphere.
Growth Rides on Reforms
There is nothing, however, that seems permanently broken in India’s growth model to warrant pessimism. Many of the deep-rooted structural factors that helped fuel the economy’s sustained growth during the past decades seem intact: demography, a large and diversified economy, still low-income levels that signify the potential to grow, a dynamic entrepreneurial class, political and geopolitical stability, a strong institutional base and credible policy frameworks.
With continued policy attention on reforms — which spur private investment, increase the economy’s competitiveness, promote greater integration into the global economy, and ensure an efficient financial sector — India can revert to the growth path of the past.
Source: World Bank, The Economic Times
COVID-19, major shifts and the relevance of Kondratief 6th Wave
Covid-19 has changed the global strategic equations, it has impacted each part of human life so has it let us to ponder upon the Kondratieff cycles, as with Covid-19 there has started a new debate about sixth wave, which is about the importance of health sector, especially the biotechnology which is crucial for progress of society in future.
Henceforth, the countries that are working on these sectors know that the most important engine for our economic and social development will be health in the 21st century. For example we have USA that focused on these and now has created around 2/3rd of its jobs in health sectors along with that has invested about $3,500 billion on health sector back in 2017. Also a 2008 report said about 4,700 companies all across worked in field of biotechnology whereby 42% were in North America, and 35% in Europe, which depicts these states long-term understanding of the emerging scenario as seen from the emergence of Coronavirus. But then the on the other side if we look into the health structure of underdeveloped states, we can easily conclude that these states will suffer the most if a global health issue emerges, and in the contemporary world it has emerged in the form of COVID-19.
COVID-19 has brought changes in the political and economic arrangement. It has not limited itself to the China from where it has been started but has impacted the whole world. The virus that is itself unseen has shaken the structure, with severe consequences for all states. No matter if it’s the USA that is the super power or any small states, the pandemic has divulged the capability and integrity of all in their response to the Covid-19. With some having the capabilities to deal with it, but most lacking in these sectors which resulted in huge loss not only of human life but also of resources. Time has come when the world is criticizing globalization at one hand because globalization is the reason for the spread of COVID-19. This has marked the end of one era with the emergence of a new one.
Mention below are some of the major shifts which Covid-19 has resulted in economic sectors in both the developed and the underdeveloped states, along with the major political shift that has led many to debate about the new structure of world after the crisis would be over.
The Covid-19 that was first reported in China, in November has changed the world completely and resulted in a lot of economic and political changes all across. For example the global economy due to Covid-19 crisis have a setback of $590 trillion. Apart from this many people lost their jobs, the household incomes have reduce, moreover World Bank report say nearly 49 million people will move into extreme poverty because of pandemic. Then World largest real estates are having economic problems, the Tourism industry has declined. An estimate showed the loss of about $1.2 to $3.3 trillion in this area of tourism all over world. Also report of International Air Transport Association predicted a loss of $63-$113billion. Moreover the oil sector also faced problem as it was for the first time that its price has gone negative. Henceforth, it can be predicted that once the pandemic is over the world will have a lot to calculate.
The impact of this crisis is seen in both core and periphery states. In core states like the US and china COVID-19 has brought huge economic impact but along with this also a question of who will act as the world saviour. As Chinese economy is expected to decline by 13% in February also the Belt and toad initiative is at halt, but still apart from the economic problem this pandemic has helped a core state like china to use the situation and move towards the status of Global power. Thus this struggle of Global saviour resulted in US and China at odds with each other. Indeed, COVID-19 has brought political repercussions along with economic consequences. When it comes to Europe the industrial production decline by 17%. Likewise USA is also effected by COVID-19 as by this pandemic about 39 million American have lost their jobs, also US economy seen to decline by 20% so US health sector has been in the eye of analyst for its failure to curtail the coronavirus. Then covid-19 has more devastating impact on peripheral states as there health care facility is not well developed. For example the GDP of Bangladesh fell by 1.1%, then many African states that look for tourism as a source of economy faced a loss of about $50 billion. Also 29 million in Latin America fell into poverty. Though they have been exploited in past but the need of the hour is that the world must help them.
Global dynamics are showing transformation amid coronavirus. The pandemic has shown how China is using its trump cards to transform the contemporary situation in its favour while bolstering its image as the “global saviour”. China’s emergence from the sick man of Asian to the positing of global saviour has opened the prospect of a tilt in the global status of Hegemon from US towards China. The question is that will the Chinese strategy amid COVID-19 will hinder the prestige of US who instead of acting as the global leader has shown a deterioration in its role in global governance.
The future of China’s pre-eminence in the global spectrum has been widened by the pandemic. All of this has been further bolstered by the broad rejection of Trump to engage in Europe and elsewhere. COVID-19 not only emerged as an impetus to shift the global dynamic but has helped China to strengthen its position. In response to the confident play by China, US hasn’t come up with any convincing tactics to prevent the increasing role of China in achieving its interest. Recently, a move by Trump administration to withhold US funds of around $400million will surely leave a gap, moreover will be an opportunity for china to bolster its position in WHO. Taking backseat in its global role amid pandemic, then the withdrawal from global treaties, and withholding of funds from WHO shows a pattern which will further create a vacuum for China to take advantage of the prevailing situation.
The current international order set by US will be subject to testation as the changing shifts in the geopolitics have to be catalyzed by the COVID-19. For it is now the right time for us all to ponder the relevance of Kondratieff 6th wave in current scenario of Covid-19. As now the focus has diverted towards the health care system and biotechnology since the world has in current situation saw a blame game between states with few called corona virus as naturally occurring but some regarded it as ‘Chinese virus’. This has led to the realization that that warfare scenario has entered into discussion over biotechnology. So after the Covid-19 pandemic, the policy makers of both periphery and core state will work on new technological area which has the Medical technologies, Nanotechnologies, Biotechnologies etc. for the improvement in health sector will be crucial for the progress in future.
Conclusively, the current COVID-19 as a bioweapon has resulted in a clear impetus and will definitely bring a shift in the states attitude towards medical research and the multiple fields of technology in future, this is so because COVID-19 has created a ground for relevance of Kondratieff 6th wave.
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