Mudanças na rentabilidade da siderurgia brasileira após a privatização: a influência de eventos exógenos

The Brazilian experience with the privatization policy is already long enough to allow an evaluation of its results, at least for the sectors in which privatization began earlier, such as steel industry. Fast and considerable improvement in the financial performance of this industry has been used as evidence that the efficiency goals were achieved. Nevertheless, a qualitative analysis of the privatization impacts in this industry's structure and competition (Pinho & Silveira, 1998) suggests that exogenous events contributed strongly to the steel companies results. This paper intends to evaluate quantitatively the importance ofthese factors on the largest steel privatized companies. Therefore, it will be developed a methodology to analyze the problem, which will be applied on the available information