Análise da estratégia de expansão por meio de fusões e aquisições de empresas do setor siderúrgico

Abstract

The present project has as study object mergers and acquisitions carried out by three companies in the steel industry, ArcelorMittal, Gerdau and CSN (National Steel Company). It seeks to understand how strategic mergers and acquisitions are in the industry and how it has taken place throughout the company's history, considering the context, motivations and consequences. For such analysis, this project initially deals with the existing theory on mergers and acquisitions, with the central objectives and the strategies adopted by the firms that carry them out. In development, it presents the sector’s historical contextualization, addressing its importance for the development of countries and its evolution over the years. At the end, the companies and their main merger and acquisition activities are presented, how they happened and how they relate to the strategy of these firms. For this last step, the companies' performance indexes and the specificities presented by them in their annual reports and Forms 20-F. The information gathered allowed the conclusion that the points that lead companies in the industry to choose to grow through mergers and acquisitions are similar, although they connect differently to corporate strategies. Over the analysed years it is noticible that merger and acquisition decisions had direct impacts on the companies' performance, impacting the management results and the financial results of each one of them.