Drawing upon case studies of firms in the steel industry,
authors show that companies competing internationally can pool
their strengths to offset their individual weaknesses, enabling
them to build economically successful entities more easily than if
each company tried to go it alone in competition with rivals. In
doing so they show how the world steel industry emerged into a
group of international joint ventures and how in each of these
transnational marriages the whole became greater than the sum of
its parts. Among the authors' main points are: cultural conflicts
are minimized by economic success but magnified by failure;
expertise and commitment can overcome national differences, and
even failing international joint ventures can be rehabilitated.
Important reading for professionals in all areas of international
business and for their colleagues in the academic community.
Included in each case study is a history of the firms and the
emerging joint venture. Authors described the condition of
facilities, the rehabilitation and construction of new facilities,
the financial relationships between firms and the sources of
funding, and their corporate structures. Cultural differences
between firms and their impact on the success of the relationship
are examined closely, with particular emphasis on personnel
selection, training supervision, labor relations, retention and
promotion policies and policies on tenure and layoff. Authors look
at labor productivity and the use of participative management and
other team approaches, relating them to such measurable variables
as product quality, corporate profitability, and indeed the
ultimate survival of each newly created firm. From there the
authors show how the experiences of the steel industry and the
lessons learned from its transnational alliances can be applied to
other industries and to their own joint ventures.
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