We were
writing 1974. About 1/3 of Luxembourg's workforce was cooking steel. Luxembourg
produced 21 tons of steel per capita, followed by Germany with 2.5 tons. That's
the weight the steel industry mustered then. In 1975 the steel industry came
crashing down in a fast and scary way, under the double action of slowing
demand and the competition of emerging steel producers.
What is
left of the former ARBED is under new ownership, ArcelorMittal. It still
employs about 6,000, quite a number for Luxembourg. This closing targets about
10% of them. In the present setup, who will come up with an innovative
solution? Globalism takes away the cake from those who have the cake. How
desirable is it? Pursue it at any price? The only barriers to globalism were
the borders. They tend to disappear. Everyone seems to want it. It is an
excellent deal when you had no cake. The new countries are the multinational
companies who now can play the best options.
What is
safe at ArcelorMittal Luxembourg? What cannot be easily done elsewhere.
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