Teaching cases

Failure to Die - Aperam, a Strategic Divestment Spin-off from ArcelorMittal

Written by Dr. Johanna Van Sevenant



The case looks at the rationale behind a spin-off of the stainless steel company Aperam from ArcelorMittal, one of the world’s largest steel companies.  The case invites students to understand the rich nuances of spin-off strategies, provide context to the unique challenges, and present opportunities to organizations.  In addition, the case highlights how the newly formed company endeavored to survive in the background of tumultuous global uncertainty and further industry consolidation.

Aperam logo

Learning Objectives


Firstly, the case can be used  to highlight the potential and risks involved with spin-off strategies


It can also be used to discuss how approaches need to evolve with changing business circumstances, and how a company lacking company resources can achieve a turnaround


The case can be used to notably discuss and explore the increased accountability of a management team of a listed company compared to a management team of a division within a large corporation, the way project and change management are to be understood, the complexity of corporate governance within related groups, the way a new identity and culture can be developed in an international group


The case is of particular interest for instructors as students can discuss and deal with the complexity of  uncertainty

Target audience

target audience icon

Upper Management and Strategy teams of industrial or financial services firms

Student cap icon

Students within undergraduate or master programs – from engineering to strategy classes

Get In Touch

9, RDC, rue saint didier
75116, Paris