ADVERTISEMENT

Arcelor Mittal wins EU approval to buy Estonian company

Recycling

Arcelor Mittal, the world’s largest steelmaker, won approval on Monday from the European Union to buy Galvex OU, the Estonian privately-owned steel galvanizing company based in Tallinn.

“The proposed transaction would not impede effective competition,” the European Commission said in a statement. Arcelor Mittal, based in Luxembourg, is the leader in all major global markets, including automotive, construction, household appliances and packaging, with leading research capability and technology. Galvex OU specializes in the manufacture and sale of galvanized steel products used in applications where corrosion resistance is required.

The proposed merger would create an overlap in the market for galvanized strips and coils, where both Arcelor Mittal and Galvex OU are active. However, the Commission’s investigation found that the operation would not give rise to competition concerns in the market. Arcelor Mittal announced the acquisition of a 100% stake in Galvex OU last November, a deal estimated to be worth €165 million ($252 million). (people.com.cn)

ADVERTISEMENT

Varga: Q1 growth demonstrates ability 'to withstand crisis' Analysis

Varga: Q1 growth demonstrates ability 'to withstand crisis'

Parl't elects Orbán prime minister Parliament

Parl't elects Orbán prime minister

New managing director at LG Electronics Hungary Appointments

New managing director at LG Electronics Hungary

Budapest bike-sharing scheme expands in District XI City

Budapest bike-sharing scheme expands in District XI

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.