ArcelorMittal hires Bank of America to sell European steel assets

Reuters reported that ArcelorMittal told Reuters on Wednesday that it had appointed Bank of America-ML to handle the asset sale. European and Asian steelmakers will be among the likely buyers as the European Commission has said the steel plants would be sold to buyers who would continue to operate them, allowing them to compete with ArcelorMittal.中国模具钢网-时间钢铁超市TSS (24)

The EU antitrust watchdog decided to clear Arcelor’s offer on Tuesday, after seeking feedback from rivals and customers on the concessions. Concerns were initially raised that the deal may reduce competition in some flat carbon steel products and result in higher prices for customers in southern Europe.

The ArcelorMittal takeover of Ilva, Europe’s largest steel plant with 11 million tonnes capacity, is expected to improve the pricing power of EU steelmakers in the longer term by reducing the number of sellers in the market.

Steel majors Tata Steel and Thyssenkrupp agreed in 2017 to combine their European steel assets.

Source : REUTERS