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EC Clears Acquisition of Standard Steel Holdings Inc US by Sumitomo and Nippon Steel

Steel News - Published on Fri, 05 Jul 2019

Image Source: Wikipedia
The European Commission has approved, under the EU Merger Regulation, the acquisition of joint control of Standard Steel Holdings Inc of the US by Sumitomo Corporation of Japan and Nippon Steel Corporation of Japan, which currently solely controls Standard Steel. Standard Steel manufactures forged steel wheels and axles for freight railcars, locomotives and passenger railcars, and operates primarily in North America.

The Commission concluded that the proposed acquisition would raise no competition concerns because Standard Steel is primarily active in North America and its activities and turnover in the European Economic Area are very limited. The transaction was examined under the simplified merger review procedure.

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Posted By : Ratan Singh on Fri, 05 Jul 2019
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