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New Zealand: Merger leaves BlueScope as sole domestic flat steel maker

By  |  April 16, 2014

New Zealand’s Commerce Commission has reportedly approved of Australia’s largest steel manufacturer BlueScope Steel to acquire rival Pacific Steel, a $120 million merger that will leave BlueScope as the only domestic flat steel producer.

Reports say the Commission justified the transaction as the company will still face competition from foreign steel companies in the country. Further, the regulator said, there was no overlap between BlueScope and Pacific Steel’s businesses.

The firms say they plan to finalize the deal mid-year; Pacific Steel is currently owned by Fletcher Building. Reports say the deal will mean Fletcher will close one of its mills by the end of 2015.

Full Content: New Zealand Herald

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