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| TITLE |
Japan's steel industry angry with ACCC |
| WRITER |
administrator |
DATE |
2008-10-31 08:31:28 |
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Japan's steel industry angry with ACCC
By Shane McLeod,
Japan's steel industry says it is extremely dissatisfied with Australia's competition regulator for approving the proposed takeover of Rio Tinto by rival BHP Billiton.
Japan's steel industry is worried that the new company would have too much control over global iron ore prices.
The Iron and Steel Federation says it is asked anti-trust agencies in Japan and Europe to thoroughly examine the proposal, and says it is extremely dissatisfied with the ACCC's decision.
Japan's corporate regulator, the Free Trade Commission, has been frustrated in its attempts to scrutinise the deal.
The ACCC yesterday said it would not oppose the takeover, saying it would not substantially reduce competition.
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