02堀一郎.indd

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1 はじめに , ,

2 ,000 1, ,300 2, ,500 3, ,200 4, ,800 5, ,500 4, ,992 4, ,226 5, ,100 22,197 4, ,093 28,132 3, ,789 58,870 5, , ,216 10, n.a. n.a n.a. 315, ,936 9, n.a n.a. 281,703 65, n.a n.a. 281,000 40,300 2, World Steel Dynamics, Financial Dynamics of International Steelmakers, Core Report G, April 2009, G-7-1; 08, 09 ArcelorMittal Fact Book 2009, pp. 2, 62; 2010 : ArcelorMittal Half Year Report 2010, p.3,

3 CSAs country-specific advantages FSAs firm-specific advantages NICs NIEs 6 3CSAs FSAs ISG 27

4 44 第 1 節ミッタル社のドメイン形成とグローバルニッチ戦略 (1952 年 2004 年 ) 1. 第 1 期 : インドおよびインドネシアでの電炉メーカーとしての出発 (1952 年 1989 年 ) 7 CEO N Lakshmi N. Mittal L Mohan Lal Mittal the British India Rolling Mill 20 Tata Iron and Steel Co. Tisco India Iron and Steel Co. IISCO Tor Steel Foundation P T Krakatau Steel 28

5 76 1,500 PT Ispat Indo 6.5 PT Krakatau Steel 10 institutional constrains PT Ispat Direct Reduced Iron PT Krakatau Steel 73 DRI 17 PT Ispat DRI グローバルニッチ戦略 ( 年 ) と LNM グループの急成長

6 44 4 Integrated minimill DRI PT Ispat Indo DRI DRI Iscott Iron & Steel Co. of Trinidad and Tobago DRI Hamburger Stahlwerke Ispat DRI 1992 Sibasa Siderurgica del Balsas SA at Lazaro Cardenas 1994 Sidbec Dosco 24 Sibasa SICARTSA 4 DRI Sibasa PT Ispat Indo LNM Ispat DRI

7 Iscott 60 DRI DRI Sibasa 200 DRI Sidbec-Dosco 150 DRI 1995 Karmet 500 3, HamburgerStahlwerke 70 DRI n.a IrishSteel 44 n.a RuhrortHochfeld 280 n.a InlandSteel Unimetal Trefileuropem SMR , Alfasid 200 n.a SidexS.A 500 n.a Iscor 650 n.a NovaHut PHSPolskieHutyStali US Macedonia n.a SiderurgicaHunedoara n.a. 4, BHSteel n.a. 8,000 US ISG 2, n.a Kryvorizhstal 1, Arcelor 4, Sicartsa BorderSteel Sicartsa270 BorderSteel Sicartsa BorderSteel Ingo von Röpenack, Effects of the Merger of ISPAT, LNM and ISG to Mittal Steel from Global Steel Industry Focus, ibidem-verlag, Stuttgart, 2007; Reed, Stanley, Arndt, Michel, Lakshman, Nandini, and Smith, Geri, Mittal & Son, Business Week, 4/16/2007 Issue 4030, pp ; Bob Jones, Lakshmi Mittal s Ring of Steel, Management Today, 5 February

8 44 DRI 95 4 Hamburger Stahlwerke 96 Irish Steel DRI LNM Ispat Ispat Group in India 31 Trinidad Sibalsa Sidbec Karmet Steel DRI LNM Holdings N. V Ispat International N. V. 7 7, LNM Holdings N. V. Ispat International 32

9 97 Ruhrort Hochfeld 99 Unimetal Trefileurope SMR DRI LNM Inland Steel Co. Ispat International N. V IPO DRI Sidex Nova Hut PHS 42 Marcedonia 43 Hunedoara BH Steel

10 44 1, Sidex Usinor 04 PHS U.S.Steel Alfasid 48 Iscor ,360 LNM , , Ispat International N. V. LNM Holding 1 3.LNM グループの再生組織能力 51 Iscott Sibalsa Karmet DRIDRI 54 34

11 Trinidad Sibalsa Sidbec Hamburg Ruhrort Hochfeld Inland Unimetal Arbed Belgo Bremen Sidmar Aceralia Aristain UCIN Velasco Usinor Sacilor Ugine Cockerill/EkoStahl Karmet Alfasid Sidex Novahut PHS Hunedoara BH Steel Iscor Arbed Aceralia Usinor Hunan Valin Ispat International LNM Jones & Laughlin Jones & Laughlin Kryvorizhstal Youngstown Sheet & Tube LTV Republic ISG Bethlehem Bethlehem Lukens Acme National Steel Weirton Steel Korf Group Georgetown CST Belgo Arcelor Brazil Acindar Dofasco Huta Warsawa Acesita Sonasid Sicartsa 1 ArcelorMittal Fact Book 2006, p

12 44 55 Group Management Board Malay Mukherjee1993 SAIL LNM Narendra Chaudhary Karmet Sidex 56 adversity advantage 57 6 Swat Team Liquidity Fix Debug Product Mix Integrate Prune 58 LNM 36

13 59 LNM DRI adversity advantage LNM US 第 2 節 Mittal Steel から ArcelorMittal へ : 再生企業からグローバルリーダーへの転換 (2004 現在 ) 1.ISG の買収と世界最大のミッタルスチールの形成 LNM ISG International Steel Group ISG W. Wilbur Ross LTV 2, LNM ISG 64 37

14 44 LNM Ispat International LNM Holdings ISG ,0005, , アルセロール買収とグローバル多角化統合企業の実現 ISG Arcelor Usinor Arbed Aceralia 4, Guy Dollé CEO No. 1 No Erdemir CIS Kryvorizhstal

15 Dofasco R EU15 CIS ArcelorMittal

16 ,1305,5907, NIC 注 1 2integrated mini-mill DRI DRI 3 Louis T. Wells, Jr., Third World Multinationals: The Rise of Foreign Investment from Developing Countries, The MIT Press, 1983; Sanjaya Lall ed., The New Multinationals: The Spread of Third World Enterprises, John Wiley & Sons, Michael E. Porter, The Competitive Advantage of Nations, The MacMillan Press, 40

17 Ravi Ramamurti and Jitendra V. Singh, eds., Emerging Multinationals in Emerging Markets, Cambridge University Press, Yadong Luo and Rosalie L Tung, International Expansion of Emerging Market Enterprises: A Springboard Perspective, Journal of International Business Studies, 2007, Nirmalya Kumar, India s Global Powerhouses: How They Are Taking on the World, Harvard Business Press, 2009, pp N. Narayan, The Mittals and Ispat in India, New Steel, August ; Tim Bouquet & Byron Ousey, Cold Steel: Britain s Richest Man and the Multi- Billion-Dollar Battle for a Global Industry, Little Brown, 2008, pp IDE JETRO N. Narayan, op. cit.; Bob Jones, Lakshmi Mittal s Ring of Steel, Management Today, February 2004, p Yadong Luo and Rosalie L Tung, Ibid., p. 486; 223, 231 ; Geoffrey Jones, Multinationals and Global Capitalism, Oxford University Press, 2005, p Nirmalya Kumar, op. cit., p PT Ispat N. Narayan, op. cit

18 DRI , , , & N. Narayan, op. cit.; Tim Bouquet & Byron Ousey, op. cit., p. 2840; IESE Business School, University of Navarra, Mittal Steel: The Making of the World s Largest Steel Company(A), IESE Business School Case, p. 3; Bob Jones, op. cit., p PT Ispat Indo 19 Tim Bouquet & Byron Ousey, op. cit., p Iscott DRI NAFTA 21 Trinidad and Tobago Economy Iron and Steel Bouquet & Byron Ousey, op. cit., p ArcelorMittal Point Lisas DRI Midrex 42

19 23 Tim Bouquet & Byron Ousey, op. cit., p DRI DRI No Bob Jones, op. cit., p DRI 1992 USWA Irish Steel 5, Tarun Khanna and Krishna G. Palepu, Emerging Giants: Building World Class Companies in Developing Countries, Harvard Business Review, October 2005, p Anthony P. D Costa, The Global Restructuring of the Steel Industry, Routledge, London, 1999, p NDIL Nippon Denro Ispat Ltd DRI PV 5 N. Narayan, Ibid. 32 Ingo von Röpenack, Effects of the Mergers of ISPAT, LNM and ISG to Mittal Steel, ibidem Verlag, 2007, p Tim Bouquet & Byron Ousey, op. cit., p ; ArcelorMittal Home Page, History Bob Jones, op. cit., p. 41; Ispat International N. V , Tim Bouquet & Byron Ousey, op. cit., p. 35, PR News, May 14, 1999; Metal Bulletin, March 8,

20 44 36 GM 60 Metal Bulletin, March 8, Tim Bouquet & Byron Ousey, op. cit., p Bob Jones, op. cit., pp Tim Bouquet & Byron Ousey, op. cit., p US MittalSteel PHS Polskie Huty Stali , US VSZ USS Kosice USS Serbia Bob Jones, op. cit., p Alfasid Ouenza and El Boukhadra FERFOS Iscor Stanley Reed, Michael Arndt, Nandini Lakshman, Geri Smith, Mittal & Son, Business Week, April 16, 2007, pp Sibalsa Nirmalya Kumar, op. cit., pp Ispat Mexicana was the cash cow, Bob Jones, op. cit., p. 40; NHK vs

21 53 Nirmalya Kumar, op. cit., pp Bob Jones, op. cit., pp Nirmalya Kumar, op. cit., p. 55; IESE Business School, University of Navarra, op. cit., p Tim Bouquet & Byron Ousey, op. cit., p Ravi Ramamurti and Jitendra V. Singh, op. cit., p. 409; Nirmalya Kumar, op. cit., p. 213, 7 58 Stanley Reed and Michael Arndt, The Raja of Steel, Business Week, December 20, 2004, pp IESE Business School, University of Navarra 10 Ibid., p LNM 96 Irish Steel 5100 HSBC 97 Ispat International N. V. Tim Bouquet & Byron Ousey, op. cit., pp , 35 38,

22 WSD, Financial Dynamics of International Steelmakers, Core Report G, April , G of Tim Bouquet & Byron Ousey, op. cit., pp , ISG LTV ISG Tim Bouquet & Byron Ousey, op. cit., pp ISG , ISG 205 2,200 W. IESE Business School, op. cit., p Ibid., p Heather Timmons, Mergers Show Steel Industry is Still Worthy of Big Deals, New York Times, Oct 26, 2004, pp. C1 C2; ArcelorMittal Steel Home Page , ,000 5, VW Laiwu Iron and Steel CST05 6 Belgo 1921 Arbed 2003 Acindal Vega do Sul 1,100 14,500 Arcelor Brazil 1998 Acesita 46

23 Arcelor Steel Solutions and Services Huta Warszawa Sonasid 72 7,000 EU Oyak27 7,000 Tim Bouquet & Byron Ousey, op. cit., p. 6, Ibid., pp Stanley Reed, Michael Arndt, Nandini Lakshman, Geri Smith, op. cit Tim Bouquet & Byron Ousey, op. cit., pp , 46, 53 54,

24 Tim Bouquet & Byron Ousey, op. cit., pp. 8 9, 16 NHK vs Tim Bouquet & Byron Ousey, op. cit., CSAs FSAs push ISG pull 81 Yadong Luo and Rosalie L Tung, op. cit., pp. 485, 487 8, Alfred D. Chandler, Jr., Scale and Scope, The Belknap Press of Harvard University Press,

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IMF World Economic Outlook, April GDP GDP.,,,,,..,. The Strategies of Three Japanese Companies in Chinese Market: From the Viewpoint of Dilemma of Emerging Markets Strategy and its Resolution MORI, Masaki Chinese market is now a growing and attractive market