The world’s number one steel producer, ArcelorMittal, won the European Commission’s regulatory approval on Wednesday for its takeover of Noble European Holdings, the Dutch unit of US blanks’ maker, Noble International.
The European Commission is the executive arm of the 27-member EU and is the body in charge of implementing competition policy. Giving the green light to the merger, the Commission ruled that post-acquisition, the company would continue to face several competitors in the flat carbon steel sector.
Noble European Holdings makes tailor-welded blanks which are used in the motor vehicle industry. Since Noble European Holdings already gets almost all its supply from ArcelorMittal, the Commission’s investigation confirmed that the merger would not lead to any significant change in the European Economic Area’s market structure.
