Steel sector 'set for shake-up'
	cinemaThe head of the world's biggest steel firm has warned that the industry is set for a wave of consolidation. Lakshmi Mittal said the sector would maintain its "current momentum of consolidation" with China expected to lead the way. The chief executive of newly merged Arcelor Mittal made the comments at the annual CBI conference in London. His comments came with Anglo-Dutch steel firm Corus at the centre of a bid battle between CSN and Tata Steel. Mr Mittal has long touted Asia as a key area of expansion for the steel industry. Red-hot economic growth in China in particular has led to a surge in demand for commodities, triggering a surge in metals prices. As a result Mr Mittal expects China to play a "big role" in the next wave of merger and acquisition activity in the sector. "As the largest producer and consumer of steel, it must also be part of the consolidation process if we are to have any long-term success in creating a more stable operating environment," he told the CBI.