Peer Comparison: Global Steelmakers Aug 05

Standard & Poors, August 2005

Abstract
Given the constant evolution of the steel industry, all steelmakers around the world face continual challenges in adapting to new circumstances. All, consequently, have some weaknesses and strategic gaps that need to be addressed in order to secure long-term success. This article compares four of the world's leading steelmakers, Arcelor S.A. (BBB/Stable/--) of Luxembourg, Shanghai Baosteel Group (BBB+/Stable/--) of China, Mittal Steel Co. N.V. (BBB+/Stable/--) of the Netherlands, and POSCO (A-/Stable/--) of South Korea. Although the steel industry has above-average risk due to high capital intensity, cyclicality, fragmentation, and strong competition, all four companies in this article have investment-grade business profiles. Mittal Steel has the strongest business profile of the four, although this is tempered by an aggressive operating strategy...

Companies mentioned in this report are:
- POSCO
- Baosteel Group Corp.
- ArcelorMittal
- Arcelor S.A.

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Research Type: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.

- POSCO
- Baosteel Group Corp.
- ArcelorMittal
- Arcelor S.A.

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