全球購併趨勢下台灣大鋼廠的競合策略

Abstract

全球鋼廠整合購併趨勢下，以Mittal與Arcelor之競合過程，及日本 JFE合併創造價值之綜效策略等為實例，說明全球鋼鐵業之競爭新態勢。鋼材笨重，以區域內的流動為主，跨洲際的流動為輔，具煤鐵原料低成本優勢的俄羅斯、巴西、澳洲等國的少數鋼廠才有跨洲流動的本錢，另外大量生產高單價、高品級鋼材的日本鋼廠與韓國浦項鋼廠，它們的鋼材也有跨洲移動的利基。只有擁有自己的鐵礦資源或是有獨特高附加值產品，及投資於汽車與家電高級鋼材製造的少數鋼鐵企業，才具領先競爭地位之世界級鋼鐵公司。 以績效與生產力之觀點，根據世界鋼鐵動態(WSD)發行之國際鋼廠財務動態核心報告，選擇生產力及經營績效與銷貨收入比率(%)之成本穫利相關指標，以2000-2004共五年來比較。除去未來發展性，過去五年台灣中鋼之經營績效為世界第一。根據本研究排名，臺灣鋼鐵產主要競爭者仍在亞洲，故以韓國浦鋼，走向全球及產品高級化之成長策略及中國寶鋼，執行改造產銷流程之系統創新策略為標竿。中國大陸政府正主導整合鋼鐵產業之政策。目前台灣面臨經濟結構轉型時期，以輕薄短小的新興科技產業為主要成長動力，厚重長大型的傳統工業成長減緩；而臺灣產業特性，用鋼產業及鋼鐵下游加工產業紛紛外移至中國大陸及東南亞等，導致台灣的鋼鐵需求成長趨緩，已達成熟階段。但政府又支持之台塑建高爐一貫作業大鋼鐵廠，可能產生國內競爭。 應用賽局理論之觀點，分析台灣鋼鐵市場及未來產能，建議台灣大鋼廠應發展互補機會。鋼鐵是消粍能源較高的行業，溫室氣體排放量也較高，在京都議定書簽訂後，全球愈來愈重視環境議題、台灣須通盤檢討能源政策，政府不應再鼓勵建大鋼廠，而應大力輔導、獎勵現有鋼廠積極朝研發創新、創造價值等方向發展，強化台灣鋼鐵業國際競爭力，壯大國內跨業價值鏈。政府應要求台灣鋼鐵業建置環境會計並核算環境負債。 建議台灣中鋼未來發展策略，應以鋼鐵事業為核心，朝產品高級化，穩定料源，結合上下游策略聯盟，以強化國際市場競爭力。在技術創新，流程改造之外，應積極提升或創造中鋼的形象價值。以成本優勢為整合策略，以持續改善作業及提升品質管理與創新服務，來執行高品級又低成本之策略管理。以競合策略，互補整合及協同創新，以提升全球鋼鐵業競爭地位。

After 25 years of stagnation, the global steel industry has recovered and the total production capacity exceeded a staggering one billion tons in 2004. Over the past 5 years, China Steel Corporation (CSC) of Taiwan has consistently ranked top out of 20 global competitors in terms of operational efficiency. However, this energizing good news comes with some challenges on the horizon. CSC faces three major challenges: (1) the greater fluctuation of raw material prices due to the relative diminishing of CSC’s purchasing power, (2) the introduction of a new domestic integrated steel mill, and finally (3) the ever intense regional competition. Therefore this paper aims to (1) investigate the global competitive environment of the steel industry through studies of the co-petition of Mittal and Arcelor, the value-added synergy strategy of the Japan’s JFE, the impact of China’s domestic steel industry and their policy of consolidation, and the expansionist strategy of Korea’s POSCO; (2) to evaluate the domestic and the regional threats; and (3) to provides the author’s recommendations.

Mergers and acquisitions have become a common trend among steelmakers across the world. Because steel is heavy, it is primarily distributed regionally and only secondarily distributed trans-continentally. In order to distribute trans-continentally, steelmakers need to (1) access low-cost coal and iron ore, (2) manufacture in multiple locations globally, or (3) produce premium products such as those used for making automobiles or home appliances. A few steelmakers in Russia, Brazil and Australia can take advantage of their low-cost of coal and iron ore. Other major players (e.g. new Arcelo-Mittal, Mainland China) consolidate regional or/and domestic steel mills in order to achieve raw material acquisition, production, and distribution efficiencies. With this wave of consolidation, these major players have gained considerably advantages in their purchasing power. Relatively, CSC has not be able to compete in raw material acquisition.

Despite the fact that CSC has no intention of distributing transcontinentally, the firm still faces an immediate threat domestically and medium-term threat regionally. Currently, Taiwan is going through an economic structure transformation, promoting emerging high-tech industries whose products are light and slim, and reducing growth of traditional industries whose products are heavy and bulky. Because of this transformation, CSC’s traditional customers - steel-consuming industries and steel processing industries - are emigrating one after another to China and South East Asia. As a result, demand for steel has slowed as the domestic market is near saturation. Curiously, the government has expressed its support for FPG (Formosa Plastic Group) in their bid to build a blast furnace integrated steel mill. Meanwhile, CSC is managing its own integrated steel mill’s expansion. With CSC’s on-going expansion and FPG’s planned development, this may cause severe domestic competition in an already saturated market. With regard to CSC’s medium term threat, the WSD Core Report 03/06 forecasts that major competition for Taiwan’s steel industry will come from other areas in Asia. The three representative samples are POSCO of Korea, Baosteel of China, and JFE of Japan. Each of these companies has adopted a different strategy. POSCO has focused on globalization and quality improvement; Baosteel has focused on reengineering its production, sales and distribution processes; and JFE has focused on producing high-end value-added product such as that used to manufacture automobiles and appliances. All of these companies are potential competitors for CSC’s current customer base. In light of these domestic and regional threats, CSC is challenged to maintain its dominance domestically, and service its customers as they can so easily go offshore for their steel needs. In this paper, the author applies Games Theory to analyze the domestic steel market taking into account both future demand requirements and capacity restraints. To prevent FPG’s new mill from effectively competing domestically, CSC could simulate the value net and competition model with entry deterrence by preemption & limiting pricing strategy. By doing so, FPG’s new mill would not succeed domestically. Instead of wasting precious resources fighting it out domestically, the author recommends that CSC and FPG form a strategic alliance. In short, FPG could invest in CSC’s manufacturing expansion and partake in its product distribution. FPG would then be able to avoid the learning curve of building a steel mill and managing production, and CSC would benefit from a cash infusion and gain additional sales channels both domestically and internationally. The steel industry consumes incredible amounts of energy and produces a staggering amount of greenhouse gasses (notably CO2). After the adoption of the Kyoto Protocol, these environmental issues have become a global concern. This strategic alliance would be a win-win situation, not only for CSC and FPG but for Taiwan as a whole. Therefore, the Taiwanese government should review its overall energy policy. Instead of encouraging the construction of an additional steel mill, the government should guide and reward the current steelmakers to engage in R&D, innovation, and value creation in order to strengthen the international competitiveness of Taiwan’s steel industry and to expand the horizontal value chain of domestic industries. To meet the requirements of the Kyoto Protocol, the government should require that domestic steel makers implement environmental accounting and audit their environmental liabilities. As for the future development strategy of CSC, the author recommends that CSC focus on non-value-added processes elimination, strategic cost management, core product quality enhancement, raw material stabilization, high-value niche product development, and the formation of strategic alliances with key suppliers and customers. In addition to technological innovation, process reengineering and strategic alliances, the CSC should enhance or create the CSC’s image value in order to strengthen its international competitiveness.