When Henry Bessemer began large-scale steel production you can bet the local blacksmiths said he was unfairly stealing their market share. Almost 200 years later ArcelorMittal SA (Amsa) has adopted a similar approach, blaming its shutdown at Newcastle largely on the growth of cheaper, greener scrap-based steel production.

However, undermining its competitors would in effect raise costs for local customers. It makes more sense to work on raising productivity at the remaining Amsa plants, which could help fill the gap left by Newcastle.   ..

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