The end of Europe's Iron Ages. (steel industry) (Editorial)

The Economist (US) | March 6, 1993 | Copyright

West European steelmen should no longer be a protected species

HISTORY has a nasty habit of repeating itself in Western Europe's steel industry. After running into trouble in the early 1980s, steel makers were rescued by a special "crisis regime" enshrined in the 1951 treaty which created the European Coal and Steel Community (ECSC). Now, after a brief period of profit, big steel has more big problems. Yet again there are too many mills in Europe churning out too much steel. Yet again prices are plunging, losses are piling up and steel companies are clamouring for ...

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