The European Commission has approved Spanish steel service centre Bamesa Aceros and Japanese trader Sumitomo’s joint takeover of Steel Center Europe (SCE) in the Czech Republic, according to the EC’s merger case filings.
The EC said the acquisition would not raise any competition concerns based on the product variety and geographic activity of the companies involved.
SCE, based in Humpolec, in the southeast of the Czech Republic, distributes flat steel products, primarily in Czechia and has slitting, cut-to-length and blanking lines for processing on 60,000 square meters.
Prior to the transaction, Sumitomo was already a shareholder in SCE along with Japan’s Toyota Tsusho, having had a 50% stake. Following the takeover, Bamesa and Sumitomo will hold 50% each.
Bamesa Aceros’s main products are flat products with primary customer markets in France, Morocco, Portugal, Romania, Spain and Turkey.
Sumitomo trades a wide range of metals products across the world.
— Laura Varriale