In addition, a series of joint ventures in which West German steel firms joined with East German firms and Krupp, Klockner, and Thyssen of Germany was pursuing other developmental initiatives in eastern Europe as well. Likewise, Arbed of Luxemburg was involved in steelmaking facilities in the former East Germany. According to Mangum et al., "The rising market for improved galvanizing for automobiles, appliances, canning, and other uses is producing a rash of joint ventures throughout the world. Some of these are internal to various countries and others involve international partners" (p. 74).
As a result, nearly 30% of the world's steel supply is now produced by plants belonging to companies that did not exist just 3 decades ago (Ahlberg, Pitkanen & Storsch 1999). As these authors point out, "Such upstarts have entered a global market that since 1980 has grown by less than 1% a year -- an average combining annual growth of 4.7% in the developing world, 0.5% in the developed world, and -5.5% in Eastern Europe and the former Soviet Union" (Ahlberg et al. 1999, 83). During that period, the rates of operation for steel producers in Europe, Japan, and North America averaged just 80% of capacity, a production rate that provides razor-thin profit margins and creates a pressing need to reduce operating costs and become more energy efficient (Ahlberg et al. 1999).
Ukraine. A report from Green (2006) suggests that the Ukraine has been dealt its fair share of political and economic challenges in recent years that have affected its steel industry in profound ways. In 2006, for example, the Ukraine experienced a costly dispute with Russia concerning the price of its gas supplies, followed by parliamentary elections that produced inconclusive results that mired the country in a lengthy political showdown for some time (Green 2006). Although these political issues have been resolved to some extent, the main perception among some international investors remains one of "wait-and-see" before they make the leap into formal investment commitments. In this regard, Green advises, "Some believe it will take much longer for most investors to gain the clear economic picture they need before they will sink money into this resource-rich nation of nearly 50 million people" (16). Moreover, there are some distinct foreign exchange risk management issues at work in the Ukraine that will likely contribute to the "wait-and-see" mentality as well. For instance, one industry analyst reports that, "Ukraine saw the biggest increase in wage inflation of 23%. However, the depreciation against the Pound is also the highest. Hryvnia's devaluation is 15%, which gives an overall estimated increase cost of 4% in both wages and other costs. Even though the wages were lowered in November 2008 by 4%, the projected wage inflation for 2009 is 17%, the highest compared to other locations" (Inflation and currency fluctuation 2009, 2). In addition, the Ukraine has experienced some disputes with export partners such as Egypt concerning the massive amounts of cheap steel being imported that has adversely affected their domestic steel producers. According to the editors of The Middle East, "In 1996 imports from Russia, Ukraine, Romania, Moldova, Belarus and Latvia amounted to in the region of 250,000 ton and rigid quality controls did little to stem this flood of cheap steel, although a quarter of Ukrainian shipments were turned away from Alexandria" (25).
Turkey. Turkey's entrance into modern steel production can be traced to 1932 when the country's first state-owned integrated steel mill was completed with technical assistance from the German firm Krupp (Amsden 2000). The first steel plant was an enormous facility but was poorly situated with regards to sources of raw materials and the coal deposits it needed for energy (Amsden 2000). This enterprise enjoyed a domestic monopoly until the middle of the 20th century when there was a growing movement for the Turkish government to privatize these large state-owned enterprises. There was also a push at that time to increase the export market for Turkish steel. According to Amsden, "Turkey tried to promote exports starting in the 1960s, making them a condition for capacity expansion by foreign firms" (151).
Despite the efforts of foreign corporations and industry leaders to provide the technical and technological assistance needed by Turkey during the 1960s, the fact that the steel industry remained under government control was a sticking point for many foreign investors. In this regard, Amsden notes that, "Any capital increase required the consent of the Turkish government. It also became a policy of the Turkish government to agree only to a capital increase by forcing companies to take on export commitments. The government maintained that, in general, any profit transfers abroad had to be covered by exchanges through exports" (151). Because...
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