BlueScope Steel acquires stake in Smorgon Steel

Australian steelmaker BlueScope Steel announced today that it acquired approximately 19.9 percent of the outstanding shares in another Australian steelmaker Smorgon Steel. According to announcement released by BlueScope Steel, the intention of acquiring this strategic stake is to ensure that the OneSteel/Smorgon Steel merger proposal does not proceed in its current form. The Australia's competition board, the ACCC, revealed this week that it has serious concerns about the OneSteel-Smorgon combination. BlueScope Steel has noted the concerns identified by the ACCC in its initial review of the proposed merger. BlueScope also announced that it does not intent to acquire further shares in Smorgon Steel.