ArcelorMittal: EU authorises the acquisition of Ilva
(CercleFinance.com) - The European Commission authorises the acquisition of Ilva by ArcelorMittal.
“The decision is conditional on the divestiture of an extensive remedy package to preserve effective competition on European steel markets” says the EU.
The two companies are major producers in Europe of hot-rolled, cold-rolled and galvanised flat carbon steel. ArcelorMittal has a vast production network in the European Economic Area (EEA) and Ilva has major production assets in Italy.
Margrethe Vestager, commissioner in charge of competition policy declared that “today's decision makes sure that ArcelorMittal's acquisition of Ilva, creating by far the largest steelmaker in Europe, does not result in higher steel prices at the expense of European industries, the millions of people they employ and consumers. It goes hand in hand with decisive EU action to protect our steel industry from unfair trade distortions from third countries”.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
“The decision is conditional on the divestiture of an extensive remedy package to preserve effective competition on European steel markets” says the EU.
The two companies are major producers in Europe of hot-rolled, cold-rolled and galvanised flat carbon steel. ArcelorMittal has a vast production network in the European Economic Area (EEA) and Ilva has major production assets in Italy.
Margrethe Vestager, commissioner in charge of competition policy declared that “today's decision makes sure that ArcelorMittal's acquisition of Ilva, creating by far the largest steelmaker in Europe, does not result in higher steel prices at the expense of European industries, the millions of people they employ and consumers. It goes hand in hand with decisive EU action to protect our steel industry from unfair trade distortions from third countries”.
Copyright (c) 2018 CercleFinance.com. All rights reserved.