The European Commission has said it has cleared the proposed acquisition of Estonian galvanized steel producer Galvex by the world's largest steelmaker ArcelorMittal.
The commission said that although the two companies in question are overlapping in the market for galvanized coil and strips, the investigation into the deal showed that the acquisition of Galvex by ArcelorMittal will not impede effective competition in the European Economic Area (EEA), since Galvex's share in the market is very low.
In addition, the EC said that the transaction will also create a vertical relationship between the markets of cold rolled flat steel products and galvanized steel products.