'Restructure First, Sell Second? Thirty Years of Steel Privatisation Sequencing

Independent analysis of whether a state-owned steel company should be restructured before privatisation or sold first. Breaks restructuring into three tasks – assets, people and organisation – and sets out the hidden costs of each sequence. Draws on British Steel, Poland, Ukraine, Serbia and Kazakhstan, and on the round trips that have brought plants back into state hands. Shows how election timetables and the steel price cycle often decide the outcome. Concludes that the state should do the no-regret work before a sale and leave investment and technology choices to the buyer.