This is a thriller-paced, deeply-sourced account of a great takeover battle, written by two people who were close enough to the action to piece together what will certainly be the definitive account. Cold Steel documents Lakshmi Mittal's ambitious and visionary drive to build a giant steel company, and the dastardly tricks and traps thrown in his path. It's a tale of clashing business ideologies - the Anglo-Saxon drive to maximise shareholder value pitted against the Gallic (and Luxembourger) ideal of jobs and national pride. Things really begin to hot up when each side battles to win over the billionaire investors and magnates who are the key to final victory. While Mittal consorts with Germans, Spaniards and Italians, the Gallic gang reach for help from a nouveau riche Russian steel baron, and you sense they have become so obsessed by stopping Mittal that they're willing to do almost anything to thwart his plans.
I was rather thinking I might learn something about steel from this book. But it's absolutely not about the blast furnace end of the business - it's all about the high finance and low cunning of stakeholders versus shareholders, in a circus orchestrated by investment banks and an army of public relations advisers. Indeed, it's the influence of this horde of spin-doctors that left me with a strong taste of scepticism by the end of the book. History is written by the victors, and this is no exception. Mittal is portrayed as a hero, and his opponents are slightly snivvelling snobs, with bad PR to boot. A great story, but perhaps too great.