ArcelorMittal Attempts But Has CSP Purchase Blocked, And CADE Will Analyze

Written by Roberta Souza

Published on 01/02/2023 at 16:51

Foto: Reprodução mercadohoje.uai

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Due To Market Instability, CADE Must Analyze Purchase Proposal of CSP for ArcelorMittal Valued at US$ 2.2 Billion

The purchase of CSP (Companhia Siderúrgica do Pecém) by ArcelorMittal, recently approved by CADE, has been suspended due to a request for a review of market conditions made by Usiminas. As a result, the sale will be analyzed in the coming weeks.

According to the document released by CADE, which bears the signature of counselor Lenisa Rodrigues Prado, the decisions considered for the interruption of the sale were the risk of the market closing, the increase in costs for competitors, and the possibility of sharing data.

In light of the request, the process has been sent to the Court for the best decision to be made regarding the ArcelorMittal case, taking into account the reasons presented, so that the agency can request clarifications.

ARTICLE CONTINUES BELOW

Reevaluation of the Purchase of ArcelorMittal

According to Usiminas, the primary reason for CADE to have “blocked” the purchase of CSP was the increase in costs for the steel sector for ArcelorMittal’s competitors in case the purchase is approved.

Due to CSP’s relevance in the steel market, if the new controlling entity does not continue to uphold the competitors’ prestige, the purchase could lead to a price increase following the sale.

According to the CADE document: “The high demand and market share indices indicate that CSP plays a relevant role as a major independent supplier of steel plates nationally and, along with Ternium Brasil, the only non-integrated producers in the country to manufacture steel plates without engaging in rolling activities. It is necessary to verify whether, by joining the economic group, CSP could actually be encouraged to stop supplying steel plates to the main competitors, causing an increase in costs and subsequent harm to the downstream steel market plans”.

What Does ArcelorMittal Think About This?

With this refusal regarding the sale of CSP to ArcelorMittal, the steel company asserts that it will continue to operate independently for CSP and will also collaborate with CADE for the purchase approval.

However, despite ArcelorMittal’s goodwill, there is currently no assessment of the purchase by the CADE Court planned for now.

ArcelorMittal Attempts But Has CSP Purchase Blocked, And CADE Will Analyze

Due To Market Instability, CADE Must Analyze Purchase Proposal of CSP for ArcelorMittal Valued at US$ 2.2 Billion

Reevaluation of the Purchase of ArcelorMittal

What Does ArcelorMittal Think About This?

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ArcelorMittal Attempts But Has CSP Purchase Blocked, And CADE Will Analyze

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