Steelmaker ArcelorMittal secured EU clearance on Friday to buy seaport terminal services company ATIC Services Group of France.The European Commission, the EU competition watchdog, said investigators concluded that ArcelorMittal "would have neither the ability nor the incentive to prevent its steel competitors from importing iron ore and coal to an extent that would affect competition in the EU", Reuters reports. Large steel producers tend to have "their own captive terminals in the region or use terminals outside the relevant geographic areas", and there were alternative terminals for smaller steel competitors currently using ATIC's facilities, the Commission said in a statement.
The Commission said considered that terminal handling costs made up a small proportion of overall steel production costs and that there was spare capacity at ATIC terminals as well as at competing operators.
The Commission said considered that terminal handling costs made up a small proportion of overall steel production costs and that there was spare capacity at ATIC terminals as well as at competing operators.