European Commission approves acquisition of joint control of Standard Steel by Sumitomo and NSC
2019-07-08 14:37:53 [Print]
According to the announcement on July 2, the European Commission has approved, under the EU Merger Regulation, the acquisition of joint control of Standard Steel Holdings, Inc. of the US by Sumitomo Corporation of Japan and Nippon Steel Corporation ("NSC") of Japan, which currently solely controls Standard Steel.
Standard Steel manufactures forged steel wheels and axles for freight railcars, locomotives and passenger railcars, and operates primarily in North America.
Sumitomo is an integrated trading and investing company that provides a comprehensive range of services and products in Japan and around the world. NSC is active in the manufacturing and supply of steel products.
The Commission concluded that the proposed acquisition would raise no competition concerns because Standard Steel is primarily active in North America and its activities and turnover in the European Economic Area are very limited.
Standard Steel manufactures forged steel wheels and axles for freight railcars, locomotives and passenger railcars, and operates primarily in North America.
Sumitomo is an integrated trading and investing company that provides a comprehensive range of services and products in Japan and around the world. NSC is active in the manufacturing and supply of steel products.
The Commission concluded that the proposed acquisition would raise no competition concerns because Standard Steel is primarily active in North America and its activities and turnover in the European Economic Area are very limited.
