SMM7, March 8: according to a news report released on the European Commission website, the European Union has approved Sumitomo of Japan and Nippon Steel to acquire American Standard Iron and Steel holding Company. At present, Japan Nippon Steel only controls American Standard Iron and Steel holding Company. American Standard Iron and Steel Holdings produces forged steel wheels and axles for freight rail, rolling stock and bus tracks, operating mainly in North America.
The European Commission said the proposed acquisition would not raise competitive concerns because Standard Steel was mainly active in North America and its activities and turnover in the European Economic area were very limited. The transaction was reviewed in accordance with a simplified consolidated review process.
"Click to view the original press release on the European Commission website