Evraz-Highveld deal gets conditional EU clearance

The European Commission (EC) has granted a conditional clearance to the Russian steelmaker Evraz Holding's (Evraz) proposed acquisition of South Africa-based Highveld Steel and Vanadium Corp. (Highveld). The EC has clarified that Evraz'z proposal in its current form would raise competition concerns. However, Evraz has offered to sell off equity interests or part of Highveld's largest mines in Mapoch, South Africa, along with the company's vanadium oxides and finished products assets in South Africa. Due to the commitments expressed by Evraz, the EC said the transaction would not significantly endanger fair competition in the European Union.