BRUSSELS (dpa-AFX) - The European Commission has approved Salzgitter's full acquisition of Hüttenwerke Krupp Mannesmann (HKM) in Duisburg. Given the limited impact on market structure, the takeover raises no antitrust concerns, the Brussels-based authority announced.
In February, the steel group Salzgitter reached an agreement with Thyssenkrupp Steel to purchase the 50 percent stake previously held by Thyssenkrupp. Salzgitter already held a 30 percent interest in the joint venture. The third shareholder, Vallourec, had already expressed its approval at that time.
With this acquisition, Salzgitter intends to integrate the Duisburg plant into its corporate restructuring toward low-carbon steel production. To this end, two blast furnaces are to be decommissioned and replaced by an electric arc furnace. Salzgitter also plans to reduce the workforce from 3,000 to approximately 1,000 employees./tre/DP/nas
