Firms in the steel industry facing the declining stage of the industry life cycle need to renew their core technology portfolio. Technological M&A is a popular corporate strategy for core technology change in other high tech industries such as biopharmaceuticals or information and telecommunications. However, the objectives of steel industry M&As are more focused on achieving economies of scale or entering into new markets, and a core technology change has rarely been a purpose of technological M&As in the steel industry. This research introduces technological M&A as a tool for core technology change, especially to the steel industry. Further, comparing with traditional M&A deals of the steel industry, the study suggests key factors for a successful core technology renewal through technological M&As. © 2017, Springer-Verlag GmbH Austria.
