Production cutbacks have remained in place in the third quarter and this has helped to further reduce inventory levels worldwide,

It's difficult for them to do a deal at these levels.

Cisco's inability to reduce its inventory after the October quarter when revenues grew 14 percent quarter over quarter and inventory grew by 59 percent quarter over quarter reaffirms our view that we have not yet seen the worst of the inventory correction for semiconductor suppliers.

There will be no job cuts arising out of this merger in Europe -- this is in the interest of jobs in Europe.

This is not about creating a giant. It's about creating the sustainability of the steel industry.

We are beginning to see the benefits of global consolidation,