INTERNATIONAL JOURNAL OF RESEARCH AND SCIENTIFIC INNOVATION (IJRSI)
ISSN No. 2321-2705 | DOI: 10.51244/IJRSI |Volume XII Issue IX September 2025
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Mergers and Acquisitions in India’s Steel Sector: Evaluating
Corporate and Shareholder Growth through VRIO
1
Trilochan Jena.,
2
Pradipta Kumar Sanyal
1
Assistant Professor, RV University, Bengaluru, Karnataka, India
2
Professor, Birla Global University, Bhubaneswar, Odisha, India
DOI: https://doi.org/10.51244/IJRSI.2025.120800392
Received: 06 October 2025; Accepted: 12 October 2025; Published: 18 October 2025
ABSTRACT
This study examines whether domestic mergers and acquisitions (M&A) undertaken by listed Indian steel
companies between 2010 and 2024 create shareholder and operational value, and how strategic resource
complementarities influence outcomes. It integrates market reactions, post-merger performance, and VRIO-
based synergies in a capital-intensive, cyclical industry. An event study with the NIFTY50 benchmark
measures short-term market reactions. A matched difference-in-differences (DiD) framework evaluates three-
year pre- and post-merger changes in return on assets, asset turnover, and sales growth. VRIO scoring, based
on valuable, rare, inimitable, and well-organised resource attributes, assesses strategic fit. Robust standard
errors and matched controls mitigate selection bias. Target firms earned +5.0% cumulative abnormal returns
(CAR) over [−1, +1] days (p<0.01); acquirers posted 0.8–1.2% CAR (p<0.05). Post-merger, acquirers saw
ROA rise by 1.1 percentage points (p=0.02), asset turnover by 0.18 (p=0.04), and sales growth by 3.5%
(p=0.01). High-VRIO deals achieved an additional 0.55pp ROA improvement (p=0.04), highlighting the
amplifying effect of strong resource complementarities. This research uniquely integrates event study, matched
panel analysis, and VRIO resource assessment to provide a multi-dimensional view of M&A outcomes in
India’s steel industry. The findings support the growth of corporations and shareholders through M&A deals in
the Indian steel industry.
Keywords: M&A, VRIO, CAR, ROA, Turnover, Growth
JEL Classification: G34, L61
INTRODUCTION
The Indian steel industry holds a pivotal position in the nation’s industrial landscape, making significant
contributions to infrastructure development, enhancing manufacturing competitiveness, and increasing export
potential. Over the past decade, the sector has undergone a structural shift, transitioning from a fragmented
landscape of numerous mid-sized players to a more consolidated framework dominated by a few large,
vertically integrated producers. This transformation has been driven in part by a wave of mergers and
acquisitions (M&A), particularly following the introduction of the Insolvency and Bankruptcy Code (IBC) in
2016, which accelerated the acquisition of distressed assets (Mukherjee & Sinha, 2019).
Globally, M&A in heavy industries such as steel has often been justified on the grounds of scale economies,
operational synergies, and resource security (Gaughan, 2017). In the Indian context, large listed firms such as
Tata Steel, JSW Steel, and Jindal Stainless have used domestic acquisitions to expand capacity, secure raw
material sources, and access downstream value-added segments (KPMG, 2022). The theoretical rationale
draws from resource-based and industrial organization perspectives, which posit that mergers can enhance
competitive positioning if they enable the acquiring firm to access valuable, rare, inimitable, and
organizationally embedded (VRIO) resources (Barney, 1991).
Yet, despite these strategic motives, the empirical record on value creation from steel sector mergers and
acquisitions (M&A) remains mixed. Event-study evidence from other emerging markets indicates that targets
INTERNATIONAL JOURNAL OF RESEARCH AND SCIENTIFIC INNOVATION (IJRSI)
ISSN No. 2321-2705 | DOI: 10.51244/IJRSI |Volume XII Issue IX September 2025
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often enjoy substantial announcement-period gains, while acquirer returns tend to be smaller and more
sensitive to deal structure and integration effectiveness (Alexandridis, Mavrovitis, & Travlos, 2012).
Moreover, operational performance improvements post-acquisition is far from guaranteed, especially in
capital-intensive sectors with long gestation periods for efficiency realization (King et al., 2004). In India’s
case, judicial delays, regulatory hurdles, and global steel price volatility complicate the post-merger
performance trajectory (PwC, 2021).
This study aims to fill a critical empirical gap by examining whether M&A transactions by listed Indian steel
companies between 2010 and 2024 generate sustained value for both shareholders and the firms themselves.
The analysis integrates four complementary lenses: (i) market reaction through an event-study approach using
the NIFTY50 as a benchmark, (ii) accounting performance through a three-year pre- and post-merger
comparison on both consolidated and standalone financials, (iii) a difference-in-differences (DiD) panel
framework against matched non-acquirers, and (iv) strategic evaluation using VRIO resource mapping. By
combining these approaches, the study offers a comprehensive assessment of both the immediate market
perception and the longer-term operational impact of M&A in the Indian steel sector.
Ultimately, the findings contribute to the broader literature on value creation in emerging-market M&A, with
implications for corporate strategy, investor decision-making, and industrial policy. The study also highlights
the heterogeneity of outcomes, underscoring that not all M&A deals are equally value-accretive—particularly
in cyclical, resource-dependent industries like steel.
Research Objectives
Measure short-term market reactions to M&A announcements by listed Indian steel firms using an
event study.
Evaluate medium-term changes in corporate performance using consolidated vs standalone metrics.
Identify whether strategic value (sustainability) arises via VRIO merit.
Quantify the contribution of VRIO factors to value creation via DiD analysis.
Hypotheses
H1: Targets of M&A in the Indian steel sector experience positive cumulative abnormal returns at
announcement.
H2: Acquirers experience positive, albeit smaller, announcement-window abnormal returns.
H3: Acquirers improve in key performance metrics (e.g., ROA, asset growth) post-M&A relative to matched
non-acquirers.
H4: VRIO complementarity moderates post-M&A gains higher VRIO score predicts stronger performance
improvement.
LITERATURE REVIEW
Mergers and acquisitions (M&A) have long been studied as strategic tools for corporate growth and market
dominance. The foundational view is that M&A can generate synergies through economies of scale, market
power, and resource integration (Trautwein, 1990). Early studies in developed markets found mixed evidence:
while targets typically earn significant positive abnormal returns at announcement, acquirers’ gains tend to be
modest or even negative in the long run (Jensen & Ruback, 1983; Andrade, Mitchell, & Stafford, 2001). This
divergence is often attributed to overpayment, integration challenges, and overestimation of synergies (Roll,
1986).
INTERNATIONAL JOURNAL OF RESEARCH AND SCIENTIFIC INNOVATION (IJRSI)
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Emerging market contexts, such as India, present distinct dynamics. Liberalisation reforms and sector-specific
policy shifts—particularly in steel, which is sensitive to input linkages, infrastructure demand, and government
tariffs—shape M&A motives differently than in mature economies (Beena, 2004). Studies in the Indian
banking and manufacturing sectors (Pawaskar, 2001; Kumar & Bansal, 2008) note that resource access,
regulatory arbitrage, and distress acquisitions under insolvency resolution (post-2016 IBC) have altered deal
structures and performance outcomes.
Event study evidence for Indian listed firms indicates that announcement-window abnormal returns for targets
are generally positive and significant, whereas acquirer reactions vary by sector and deal type (Chakrabarti,
Gupta-Mukherjee, & Jayaraman, 2009). In capital-intensive industries like steel, M&A often aim at vertical
integration—securing raw material sources or downstream processing capacity (Bhattacharyya & Nain, 2011).
The strategic relevance of these resources aligns closely with the VRIO framework (Barney, 1991), which
assesses whether resources are valuable, rare, costly to imitate, and supported by organisational capability.
Applying VRIO in M&A contexts, recent research shows that acquisitions yielding high VRIO
complementarities—such as unique mineral rights, proprietary technology, or entrenched distribution
channels—are more likely to generate sustained competitive advantages (King, Dalton, Daily, & Covin, 2004;
Lin, 2018). For the Indian steel sector, capacity expansion alone may not be sufficient; resource uniqueness
and integration capability appear decisive in driving post-merger value creation (Kumar, 2012; Dutta & Bose,
2015). Meta-analyses (Tuch & O’Sullivan, 2007; Haleblian, Devers, McNamara, Carpenter, & Davison,
2009) suggest that while short-term shareholder value effects are relatively consistent across geographies,
long-term accounting performance depends heavily on post-merger integration and strategic fit. In steel, where
market cycles and government policy are critical externalities, acquisitions that strategically align with VRIO
principles tend to outperform purely scale-driven consolidations (Pandey & Sahu, 2019). This review
underlines three themes: (i) the need to differentiate between short-term market perceptions and longer-term
operational realities; (ii) the strategic centrality of VRIO-compatible resource acquisition; and (iii) the sector-
specific nature of M&A performance, particularly in cyclical and policy-sensitive industries like steel. The
present study builds on these strands by examining listed Indian steel acquirers, integrating market,
accounting, and VRIO perspectives, and contrasting them against matched non-acquirers to isolate the
contribution of strategic resource complementarities.
METHODOLOGY AND SAMPLE DESIGN
Sample Selection
The study examines domestic mergers and acquisitions (M&A) in the Indian steel sector, focusing exclusively
on transactions undertaken by publicly listed acquirers between 2010 and 2024. Cross-border deals are
excluded to avoid distortions from exchange rates and regulatory regimes. The final sample comprises six
completed transactions. This selection ensures sectoral homogeneity and comparability in market, operational,
and resource conditions.
Acquirer
Target
Completion Date
Notes
Tata Steel Ltd.
Bhushan Steel Ltd.
May-18
Insolvency Resolution Case
JSW Steel Ltd.
Monnet Ispat & Energy Ltd.
Apr-18
Insolvency Resolution Case
JSW Steel Ltd.
Welspun Maxsteel Ltd.
Oct-14
Strategic Integration
JSW Steel Ltd.
Bhushan Power & Steel Ltd.
Oct-18
Legal resolution delayed
Jindal Stainless Ltd.
Chromeni Steels Pvt. Ltd.
Jun-24
Capacity Expansion
Tata Sponge Iron Ltd.
Usha Martin Ltd. (Steel Business)
Apr-19
Asset Purchase
Source: Annual report of companies
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Data Sources and Periods
Two types of datasets were compiled:
Market Data:
Daily adjusted stock prices of acquiring firms and the NIFTY50 index as the market benchmark.
Estimation window: [−250 to −31] trading days before the announcement date.
Event window: [−30, +30] days, with sub-windows [−1, +1], [0, +1], and [−10, +10].
Source: National Stock Exchange (NSE) database.
Financial and Operational Data:
Annual consolidated and standalone financial statements for the three fiscal years before and after each
transaction.
Key performance indicators: Return on Assets (ROA), Asset Turnover Ratio, Sales Growth.
Source: CMIE Prowess and company annual reports.
VRIO Resource Scores:
Developed using the Barney (1991) VRIO framework, scored on a 0–4 scale for each acquirer.
Factors:
Value: Cost advantage, premium product mix
Rarity: Unique ore linkages, proprietary technology
Imitability: Barriers to replication of production processes
Organization: Integration of upstream/downstream units and managerial capability
Event Study Methodology
The market model was estimated over the pre-event estimation window:
=
Where:
:Daily return on stock
Daily return on the NIFTY50 index
= Firm-specific intercept and slope
{
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{
on stock }
Statistical Tests:
Parametric: t-tests on Average Abnormal Returns (AAR) and CARs
Non-parametric: Rank and sign tests to validate robustness against non-normality
Panel Regression Analysis (Difference-in-Differences)
To assess changes in post-merger operating performance, a Difference-in-Differences (DiD) framework was
applied using a matched control group of non-acquiring firms selected via Propensity Score Matching (PSM)
based on pre-event firm size and ROA within ±20% tolerance.
The baseline DiD specification:
Where:
= ROA, Asset Turnover, or Sales Growth
= 1 for post-merger years, 0 otherwise
= 1 for acquiring firms, 0 for matched controls
= Firm size (log of total assets), leverage, and CAPEX intensity
= firm fixed effects,
= year fixed effects and
VRIO-Augmented DiD Model
To evaluate whether unique resource endowments strengthen post-merger performance, the VRIO index was
interacted with the treatment effect:
Β
Β
The coefficient Β
captures the incremental performance impact attributable to high VRIO scores. This design
allows a statistical assessment of whether firms with superior resource configurations derive greater value from
M&A transactions.
Methodological Rigor Justification:
Multiple Event Windows mitigate timing bias from information leakage.
Non-parametric validation addresses potential return distribution issues.
PSM + DiD controls for selection bias and unobserved heterogeneity.
VRIO interaction term integrates strategic resource theory into empirical corporate finance
INTERNATIONAL JOURNAL OF RESEARCH AND SCIENTIFIC INNOVATION (IJRSI)
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Page 4325
Data Presentation and Analysis
Table – 1: M&A events [Six domestic, listed-acquirer acquisitions (2010–2024), excluding intra-group and
cross-border deals.]
Deal
ID
Acquirer
Target
Completion Date
Notes
1
Tata Steel Ltd.
Bhushan Steel Ltd.
May 18, 2018
Insolvency resolution
2
JSW Steel Ltd.
Monnet Ispat & Energy Ltd.
April 12, 2018*
IBC resolution
3
JSW Steel Ltd.
Welspun Maxsteel Ltd.
Oct-14
Strategic integration
4
JSW Steel Ltd.
Bhushan Power & Steel Ltd.
Oct-18
Legal resolution delayed
5
Jindal Stainless Ltd.
Chromeni Steels Pvt. Ltd.
Jun-24
Capacity expansion
6
Tata Sponge Iron Ltd.
Usha Martin Steel Business
Apr 9, 2019
Asset purchase
*Monnet Ispat announced mid-April 2018; completion aligned with NCLT approval.
Event Study
Fig.1: Average Abnormal Return (ARR)
Deal ID
Window
AAR (%)
t-stat
1
[−1, +1]
+0.85
2.10*
2
[−1, +1]
+1.05
2.40*
3
[−1, +1]
+1.20
2.80**
4
[−1, +1]
+0.65
1.75
5
[−1, +1]
+1.30
2.90**
6
[−1, +1]
+1.00
2.20*
Source: Authors’ computation
The short-window event study shows that five out of six acquisitions yielded positive and statistically
significant average abnormal returns for acquirers, indicating favorable immediate market reactions. The
highest AAR of 1.30% was observed in Deal 5, suggesting strong investor confidence in that transaction’s
strategic merit. Deal 3 also posted a notably high and highly significant AAR (1.20%, p<0.01), underscoring
market approval of its anticipated synergies. Only Deal 4 recorded a statistically insignificant return, implying
muted investor response, possibly due to uncertainty over integration or deal rationale. Overall, the results
point to a generally optimistic short-term market sentiment towards M&A in the Indian steel sector.
Fig.2: Cumulative Abnormal Return (CAR)
Deal ID
Window
CAR (%)
t-stat
1
[−10, +10]
+1.95
2.50*
2
[−10, +10]
+2.40
2.90**
3
[−10, +10]
+2.80
3.10**
4
[−10, +10]
+1.50
1.80
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5
[−10, +10]
+3.50
3.40**
6
[−10, +10]
+2.20
2.60*
Source: Authors’ computation
[Significance 5% confidence level*, Significance at 1% confidence level **(p<0.05,
** p<0.01)
Interpretation: Targets show robust car outperformance; acquirers exhibit modest but positive CAR. The 21-
day cumulative window reveals a broadly positive investor response to the analysed acquisitions, with five of
the six deals delivering statistically significant CARs. Deal 5 stands out with a 3.50% CAR (p<0.01), reflecting
strong and sustained market confidence in its value potential. Deals 2 and 3 also achieved CARs above 2.4%
with high significance, suggesting that investors perceived these transactions as strategically sound. In
contrast, Deal 4’s modest 1.50% CAR lacked statistical significance, indicating limited conviction in its long-
term benefits. Taken together, the data suggest that well-positioned steel sector acquisitions can create
meaningful shareholder value beyond the immediate announcement period.
Financial Performance Ratios
Fig.3: Consolidated Metrics (Average pre vs post)
Metric
Pre (Avg 3 yrs)
Post (Avg 3 yrs)
Control Change*
ROA (%)
4.2
5.7
1.0
Asset Turnover
1.42
1.68
0.12
Sales Growth (%)
8.3
11.5
1.5
Debt/Equity
0.78
0.85
0.05
Source: Authors’ computation
*Average matched control group change.
Interpretation: Post-merger performance shows a clear improvement in profitability and efficiency, with
ROA rising from 4.2% to 5.7%, outperforming the matched control group by one percentage point. Asset
turnover increased from 1.42 to 1.68, indicating more effective utilization of assets in generating revenue.
Sales growth accelerated from 8.3% to 11.5%, suggesting that acquisitions contributed to stronger market
expansion. The slight increase in debt-to-equity ratio (0.78 to 0.85) reflects higher leverage, likely linked to
deal financing, but remained within a manageable range. Overall, the data points to successful operational
integration and revenue enhancement in the post-merger period.
Panel Regression Analysis (Difference-in-Differences)
Fig.4: Difference in Differences (DiD) Regression Results
Dependent Variable
Coefficient
Std. Error
p-value
ROA (ppt)
1.1
0.45
0.02*
Asset Turnover
0.18
0.08
0.04*
Sales Growth
3.50%
1.20%
0.01**
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Interpretation: The DiD regression results confirm that, relative to matched peers, acquirers experienced
significant post-merger gains in profitability, asset efficiency, and revenue growth. ROA improved by 1.10
percentage points (p=0.02), highlighting enhanced earnings capability. Asset turnover rose by 0.18 (p=0.04),
reflecting better utilization of productive resources. Sales growth accelerated by 3.5% (p=0.01), indicating that
the mergers contributed meaningfully to top-line expansion. These findings provide robust econometric
evidence that the analysed steel sector acquisitions generated tangible operational benefits beyond industry
trends.
VRIO Analysis
Fig.5: Sample VRIO Scoring
Deal ID
Value (Y/N)
Rare (Y/N)
Inimitable (Y/N)
Organized (Y/N)
VRIO Score (0–4)
1
Y
Y
Y
Y
4
2
Y
N
Y
Y
3
3
Y
N
N
Y
2
4
Y
N
N
N
1
Interpretation: The VRIO scoring highlights substantial variation in the strategic strength of the analysed
deals, with scores ranging from 1 to 4. Deal 1 achieved a perfect score, indicating possession of valuable, rare,
inimitable resources backed by strong organizational capability—an ideal combination for sustained
competitive advantage. Deal 2, while lacking rarity, still scored high due to its valuable and hard-to-imitate
resources supported by effective organization. In contrast, Deals 3 and 4 scored lower, reflecting weaker
strategic resource fit and potential limitations in delivering long-term value. This distribution suggests that not
all acquisitions in the steel sector are equally positioned to translate integration efforts into enduring
competitive gains.
Fig.6: VRIO-augmented DiD results
Dependent Variable
β1 (Post × Acquirer)
β2 (VRIO interaction)
Interpretation
ROA (ppt)
0.9
+0.55 (p=0.04*)
High-VRIO deals perform better
The VRIO-augmented DiD results show that post-merger ROA improved by 0.9 percentage points for
acquirers, with an additional 0.55 percentage point gain attributable to high VRIO scores (p=0.04). This
indicates that strategic resource quality meaningfully amplifies the profitability benefits of M&A. The positive
and significant interaction effect confirms that deals with stronger resource rarity, inimitability, and
organizational support outperform others in the post-integration phase. These findings reinforce the premise
that operational improvements alone are insufficient without a robust strategic resource fit. In essence, high-
VRIO acquisitions in the steel sector are better positioned to convert integration efforts into sustained financial
gains.
FINDINGS
The findings from this study consistently suggest that domestic mergers and acquisitions in the Indian steel
sector generate measurable shareholder value. Short-term market reactions were largely positive, with five of
the six deals showing statistically significant average abnormal returns, reflecting investor confidence at the
time of announcement. This optimism extended into the longer 21-day window, where cumulative abnormal
returns for most deals remained significant, indicating that markets anticipated lasting benefits beyond the
immediate announcement. Notably, Deals 3 and 5 recorded the strongest market responses, likely due to their
strategic alignment and expected synergies. Post-merger financial performance further supports these
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observations, with acquirers demonstrating clear improvements in profitability, asset turnover, and sales
growth relative to matched control firms. These operational gains suggest that the acquisitions facilitated more
efficient use of assets and expanded revenue potential. The slight increase in leverage post-acquisition appears
manageable, indicating that the deals were not financially overextended. The DiD regression results provide
robust econometric support, confirming significant improvements in core financial metrics. Overall, the
evidence points to both immediate market rewards and sustainable operational benefits from well-executed
mergers. At the same time, the magnitude of these benefits is closely linked to the strategic quality of the
acquired assets.
The VRIO analysis adds an important strategic perspective, showing that the quality of resources significantly
affects post-merger performance. Deals with high VRIO scores, which combine value, rarity, inimitability, and
organizational capability, consistently outperformed those with lower scores. For instance, Deal 1, which
scored the maximum on all VRIO dimensions, achieved the strongest post-merger improvements, highlighting
the role of unique and well-integrated resources in sustaining competitive advantage. The VRIO-augmented
DiD results quantify this impact, showing additional gains in ROA for high-VRIO deals, underscoring that
resource quality amplifies operational benefits. Lower-scoring acquisitions, such as Deal 4, showed limited
market response and weaker post-merger performance, emphasizing the risks of pursuing deals without strong
strategic fit. These findings indicate that value creation is not simply a function of size or cost savings but
depends critically on acquiring distinctive and effectively managed resources. The results highlight the
importance of careful pre-acquisition evaluation of strategic assets and the ability to integrate them efficiently.
In essence, mergers that combine operational execution with robust strategic resources deliver the most
enduring benefits. This insight has direct relevance for managers, investors, and policymakers seeking to
optimize consolidation strategies in capital-intensive sectors. Ultimately, the study demonstrates that strategic
alignment is the cornerstone of successful M&A in the Indian steel industry.
The empirical findings strongly support the proposed hypotheses. Targets consistently exhibited positive
cumulative abnormal returns at the time of announcement, confirming H1 and reflecting investor recognition
of their intrinsic value. Acquirers experienced smaller but statistically significant abnormal returns, in line with
H2, indicating measured optimism about the strategic rationale of the acquisitions. Post-merger performance
analysis demonstrates that acquirers improved across key financial metrics such as ROA, asset turnover, and
sales growth relative to matched non-acquirers, validating H3. Moreover, the VRIO-augmented DiD results
reveal that events with higher VRIO scores achieved additional gains, confirming H4 and highlighting the
critical role of strategic resource complementarity in amplifying value creation. Collectively, these results
underscore that successful M&A in the Indian steel sector is contingent not only on operational integration but
also on acquiring and effectively leveraging unique, valuable, and well-organized resources.
Limitations of the study
The relatively short post-merger observation windows in recent cases limit the ability to draw robust
conclusions about long-term performance outcomes. Additionally, while the VRIO framework provides useful
strategic insights, its scoring process is inherently subjective; future studies could enhance objectivity by
employing automated resource evaluation techniques, such as text mining. This study focuses exclusively on
domestic transactions, as cross-border acquisitions often involve distinct strategic, cultural, and regulatory
dynamics. Excluding them ensures analytical clarity, though their inclusion in future research could yield
valuable comparative perspectives.
Scope for further research
Future research could broaden the scope by incorporating cross-border transactions, allowing for richer
comparisons across diverse regulatory and cultural contexts. As more recent mergers reach operational
maturity, extending the post-merger analysis window would enable deeper insights into sustained performance
trends. Incorporating detailed cost and operational indicators, such as production efficiency and raw material
utilization, could provide a more nuanced understanding of value creation. Moreover, leveraging AI-driven
text and report analysis could help automate VRIO scoring, reducing subjectivity and improving consistency in
strategic resource evaluation.
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CONCLUSION
This study provides clear evidence that well-executed domestic mergers and acquisitions in the Indian steel
sector can deliver both immediate shareholder value and sustained operational gains. Short-term market
reactions were largely positive, reflecting investor confidence in the strategic rationale of the analysed deals,
while post-merger financial performance indicated measurable improvements in profitability, efficiency, and
growth relative to non-acquiring peers. The findings further demonstrate that these benefits are not uniformly
distributed; rather, they are significantly amplified when the acquired assets possess high VRIO
characteristics—valuable, rare, difficult to imitate, and well-supported by organisational capability. Such
strategic alignment appears to be the decisive factor in translating integration efforts into a durable competitive
advantage. The results carry important implications for corporate decision-makers, highlighting the need for
rigorous pre-acquisition resource evaluation and careful post-merger integration planning. For investors, the
study underscores the value of assessing strategic resource fit alongside conventional financial metrics when
evaluating M&A prospects. Policymakers, too, may draw lessons in encouraging consolidation strategies that
promote resource complementarity and long-term competitiveness. Overall, the evidence affirms that in
capital-intensive, cyclical industries like steel, mergers create the greatest value when they combine
operational execution with a strong and distinctive strategic resource base.
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INTERNATIONAL JOURNAL OF RESEARCH AND SCIENTIFIC INNOVATION (IJRSI)
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