Worldsteel industry repeats call for iron ore competition review

The World Steel Association (worldsteel) calls for competition authorities to thoroughly examine the impact of the proposed joint venture between Rio Tinto and BHP Billiton. Speaking on behalf of steel producers worldwide, worldsteel Director General Ian Christmas, said, "The recently signed binding agreement between Rio Tinto and BHP Billiton is not materially different from the proposal issued early last year. It still carries a great danger of restricting competition thus reducing consumers' choice as it would create an entity whose controlling position in the world's seaborne iron ore market would become even less fair than the unsatisfactory position that exists today. The proposed JV would simply turn an oligopoly of three players into a duopoly." Continuing, Chris tmas added, "Competition makes a market strong and brings efficiency. Competition between steel companies has made the global steel market healthier and brought benefits for steel customers. As a result, this has promoted growth in steel use, which serves society as a whole. We view this revised proposed JV as potentially extremely harmful to the market, and we call for a very careful review by all the relevant competition authorities." For more industry news, editorial features, products, suppliers & buyers, trade shows & conferences, magazines and much more check our website: www.industrysourcing.comAir Jordan VII 7 Retro 304775