ArcelorMittal wins EU approval to form joint venture

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ArcelorMittal, the world's largest steelmaker, won approval from the European Union (EU) to form a flat carbon steel joint venture with Swedish company BE Sverige.

“The proposed transaction would not impede effective competition,” the European Commission, the EU's antitrust watchdog said in a statement.

ArcelorMittal was a leading global steel company based in Luxembourg. BE Sverige, which belongs to BE Group, a leading trading company in the steel sector in Northern Europe, is a steel distribution company on the Scandinavian market and is active in the steel service center sector in Sweden.

Steel service centers specialize in the finishing and processing of steel for the purpose of fabricating, plating or molding steel parts.

The 50-50 joint venture would combine the steel service center activities of the parties in Sweden.

ArcelorMittal said last month it will create the third largest player in the market, with sales of more than €80 million (about $126.4 million) per year. (Xinhua)

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