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
Redfin Settles $9.2M Commission Inflation Lawsuits
May 7, 2024 by
CPI
DOJ Supports Colorado’s Efforts to Block Kroger-Albertsons Merger
May 7, 2024 by
CPI
Japan Considers Regulation of AI Developers
May 7, 2024 by
CPI
European Commission Extends Decision Deadline for Ita-Lufthansa Merger
May 7, 2024 by
CPI
UK, US and Australia Sanction Senior Leader of LockBit Cybercrime Gang
May 7, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Economics of Criminal Antitrust
Apr 19, 2024 by
CPI
Navigating Economic Expert Work in Criminal Antitrust Litigation
Apr 19, 2024 by
CPI
The Increased Importance of Economics in Cartel Cases
Apr 19, 2024 by
CPI
A Law and Economics Analysis of the Antitrust Treatment of Physician Collective Price Agreements
Apr 19, 2024 by
CPI
Information Exchange In Criminal Antitrust Cases: How Economic Testimony Can Tip The Scales
Apr 19, 2024 by
CPI