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US/Germany: ThyssenKrupp expecting scrutiny for US sale

 |  December 1, 2013

Following ThyssenKrupp’s divestiture of its struggling steel operations in the US, reports say the company is expecting an antitrust review of the $1.55 billion sale.

A joint venture by ArcelorMittal and Nippon Steel & Sumitomo Metal Corp – two of the globe’s largest steel conglomerates – purchased the US plant, along with a deal that sees the joint venture buying steel from ThyssenKrupp’s Brazil operations.

Despite finalization of the deal, reports say ArcelorMIttal already controls about 40 percent of the North American automotive steel market, meaning the partnering companies will gain a significant portion of the US steel market in the ThyssenKrupp buy, likely leading to scrutiny of the deal.

The US Department of Justice has yet to comment on the buyout or any plans for a merger review.

Full Content: Las Vegas Guardian Express

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