40 years ago I toured Sweden and during that trip I visited Volvos Truck Manufacturing plant. I noticed mega rolls of steel with Japanese stamps being unloaded at the freight receiving bay. I said to our tour guide: " Is it disappointing for Swedes that Volvo has to import Japanese Steel to make trucks given that Sweden has been renowned for its steelmaking ?"
There was a pause and then he continued:
"Nowadays we are renowned for quality , not steelmaking and we use the best steel in the world to achieve that.....and by the way, Australia exports iron ore and coking coal to Japan (the ingredients of steel) at less than $30/ton, Japan adds value and sells to Sweden , Sweden adds value and sells trucks to Australia $10,000/ton.....now tell me who is "disappointed "?
