Cade, the Brazilian antitrust authority, informed in a release that it has approved, without restrictions, the acquisition of Companhia Siderurgica do Pecem (CSP) by ArcelorMittal, for $2.2 billion.
According to Cade, elements relative to imports and competition in the slab market can mitigate the possibility of market power abuse in the future.
CSP and Ternium are the main players in the Brazilian slab domestic market, with market share ranges respectively of 30 to 40 percent and 50 to 60 percent, while ArcelorMittal, CSN, Gerdau and Usiminas have less that 10 percent each of market share.
CSP was originally a JV among Vale (50 percent), Dongkuk (30 percent) and POSCO (20 percent).