From the European vantage point, steel companies here have put themselves through a grueling transformation while, for the most part, the big integrated American steel mills have not....European steel executives also note that American minimill producers are extremely competitive. The problems, they contend, are with the big integrated producers that begin with iron ore, smelt it to make steel and then produce finished products. European executives also tend to agree with American steel executives on an important point: the biggest hindrance to consolidation in the United States is the huge burden of paying pension and health benefits for retirees.