Cold Steel

Book excerpt: Cold Steel is the gripping story of one of the world's biggest and most hard-fought industry takeovers, and epic corporate battle. In 2006, the two largest steel-producers went head to head in a bitter battle for total market domination. It's a story of considerable interest to Canadians because of the implications for Canadian steel. At the heart of the story is Lakshmi Mittal, a rags-to-riches billionaire, and Guy Dolle of Arcelor, an elitist Frenchman who was renowned for getting his own way at the top of a rough industry. Locally, for thousands of residents of steel-dependent Hamilton, Ontario, the takeover played out like terrifying soap opera when Dofasco Steel Works found itself in—not one—but two global steel battles. Dofasco had already been the object of a hostile takeover battle between giants Arcelor and ThyssenKrupp. Suddenly Mittal entered the picture. The epic battle was on. Fast-paced and electrifying, Cold Steel brings to life the cut and thrust of big business at war. Praise for Cold Steel : “A rare, insider's account of lots of people making millions... The book reads like a thriller, with each side trying to rope in other steel companies on both sides of the Atlantic as allies... As this book shows, money and business logic prevailed in the end over politics and protection.†-- The Economist “A compelling tale... too few page-turning books are written on the high drama and low cunning of business and finance. Cold Steel is a welcome addition.†-- Financial Times “Tim Bouquet was the first British journalist to write a major profile of Mittal, while Byron Ousey was a PR adviser to the Luxembourg government, one of Arcelor's biggest shareholders. Together they are admirably qualified to guide us through the myriad twists and turns of this compelling business saga and have produced an enormously entertaining read.†-- Daily Express “Tim Bouquet and Byron Ousey have written an account of the takeover in the style of a thriller. Cold Steel describes the often brutal and chaotic five-month battle between Mittal and Arcelor. The combatants are described as though starring in a fictional work of industrial espionage.†-- Management Today “The authors recount these events in the form of a thriller with fanatic changes of scene from one boardroom or luxury hotel to another, as each side seeks to drum up support from investors. The result is a tumultuous narrative.†-- Sunday Telegraph