, Columnist
Steelmakers' Megalomania Leads to Misery
Europe has taken a heavy toll on Tata and Mittal
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Of the many lessons from Tata Steel's decision to sell its loss-making British operations, surely the biggest is this: If a steelmaker tells you he's embarking on a multi-billion dollar, cross-border, debt-funded expansion, run for the hills.
No doubt there will be much anguish in the coming days about the pernicious impact of China's cheap steel exports, which increased to more than 112 million tonnes last year (equivalent to about two-thirds of total EU production).