Eurofer Presses EU to Dismiss BHP Request for Rio Bid

European Confederation of Iron and Steel Industries (Eurofer) urged European Union Commission again to dismiss BHP Billiton’s application for taking over Rio Tinto. Eurofer is on behalf of interests for European steel producers, and its opposition was closely followed BHP’s formal request to European Union for clearance to take over Rio Tinto last week. The combined company will control three fourths of iron ore markets, said Eurofer’s Gordon Moffat, emphasizing unduly centralized markets have provided mining giants with great pricing rights, which has caused soaring prices of iron ore and coking coal in the world. Global iron ore price has jumped 65% with price of coking coal, raw material of smelting, even doubled. Moffat noted this has effected competitiveness among European steel companies largely, and will also exert on the overall European economy. COPYRIGHT All rights reserved. The copying, republication or redistribution of WAM News Content, including by framing or similar means, is expressly prohibited without the prior written consent of WAM.