Though there have been some moves to cut overcapacity, more needs to be done.

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The wave of mergers and acquisitions has helped to cut the chronic overcapacity that troubled steel firms for decades.

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Mr Llewellyn also questions the theory that building-society conversions will herald a wave of takeovers, leading to efficiency gains as overcapacity is cut.

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Combining Samsung with Daewoo would have done nothing to cut South Korea's overcapacity.

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