Lex: Steelmakers

There have been cheerier get-togethers than Tuesday’s 11th annual meeting of the steel trade associations of Korea and Japan, held in Tokyo. Delegates were voting no to everything: no to raw material price increases, no to quarterly pricing of iron ore (rather than annual), and no to the proposed production joint venture between Rio Tinto and BHP Billiton. Steelmakers are at last waking up to a convergence of forces, none of them desirable. Ben McLannahan analyses the discussions.