As demand for steel continues to drop throughout Europe, reports say steelmakers SSAB and Rautaruukki have inked a $1.6 billion deal that will consolidate the industry.
Reports say Sweden-based SSAB will acquire Finland-based Rautaruukki after the two have lost a combined $542 million in the last five quarters. Reports say the competitors have discussed such a merger for decades. A deal was inked after SSAB lost status in 2012 as one of the top-40 steel companies due to heightened demand in China and a struggling EU market.
In addition to the merger, announced Tuesday, reports say the combined company plans to cut its workforce by about five percent.
The deal remains subject to regulatory approval.
Full Content: Reuters
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
ConocoPhillips Acquires Marathon Oil for $22.5 Billion in Major Energy Sector Consolidation
May 29, 2024 by
CPI
Judge Denies Amazon’s Bid to Dismiss FTC Lawsuit Over Prime Membership Practices
May 29, 2024 by
CPI
Germany and France Advocate for Major EU Competition Reform
May 29, 2024 by
CPI
Equifax Accused of Monopolizing Employment Verification Market in New Suit
May 29, 2024 by
CPI
Car Battery Makers to Challenge EU Cartel Charges in Brussels
May 29, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Merger Guidelines Retrospective
May 21, 2024 by
CPI
Mergers of Complements
May 21, 2024 by
CPI
Personality Traits, Private Equity, and Merger Analysis
May 21, 2024 by
CPI
The 2023 Merger Guidelines: Lessons in the Importance of Incipiency, Modern Economics, and Monopsony
May 21, 2024 by
CPI
The 2023 Merger Guidelines: Sharpening Merger Analysis
May 21, 2024 by
CPI