The industry has suffered from fragmentation for a long time. The new company will have pricing power over customers and raw material suppliers.

It's positive for the industry as a whole that we will have consolidation and more discipline on production. On a global basis this is going to be a very strong price setter.

The steel industry has been very fragmented (in Europe)...and the automobile and packing industries have been exploiting that.

That will put pressure on other producers for some kind of (merger) action.