The acquisition of ThyssenKrupp Steel USA by ArcelorMittal and Nippon Steel & Sumitomo Metal Corporation has been given US antitrust clearance.
According to a press announcement by ArcelorMittal, ‘the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act (HSR) terminated on January 29 with respect to its acquisition’.
The HSR Act requires that companies engaged in certain mergers or acquisitions or the transfers of securities or assets, including grants of executive compensation, cannot be completed until a detailed filing has been made to the US Federal Trade Commission and Department of Justice. Once these two bodies have determined that the transaction in question will not adversely affect US commerce under the antitrust laws, the merger/acquistion can go ahead.
According to ArcelorMittal, “the termination of the HSR waiting period satisfies one of the conditions to the closing of the acquisition. Subject to the satisfaction of other customary conditions (including the receipt of additional regulatory approvals), the acquisition is expected to close later in the first quarter of 2014 or in the second quarter of 2014.”
ArcelorMittal claims to be the world's leading steel and mining company, with a presence in more than 60 countries and an industrial footprint in over 20 countries.