Smorgon to remain committed to OneSteel agreement

Australian steelmaker Smorgon Steel announced that the company and OneSteel Limited remain committed to the agreed merger proposal announced to the market on 26 June 2006, despite the recent purchases of Smorgon Steel shares by another Australian steelmaker BlueScope Steel Limited. As reported by SteelOrbis last week, BlueScope Steel purchased a 19.9 percent stake in Smorgon Steel. However Smorgon Steel commented that BlueScope concluded share purchase without defining its specific intentions. Accordingly, in the absence of any specific proposals, OneSteel and Smorgon Steel will continue to work towards implementation of the agreed transaction, the company sources reported. Smorgon Steel also announced that the company and OneSteel are working together to satisfactorily address the concerns outlined by the by the Australian Competition and Consumer Commission (ACCC). The companies will make their submission to the ACCC no later than August 23, 2006.