BRUSSELS, Nov. 22 (Xinhua) -- The world's largest steel producer ArcelorMittal on Thursday won approval from the European Union (EU) to buy German natural gas supplier Saar Ferngas.
The European Commission, the EU's antitrust watchdog, said the proposed transaction would not impede effective competition.
ArcelorMittal is the world's largest steel producer and also active in the distribution of various steel products, while Saar Ferngas is active in both wholesale and retail gas supply to industrial customers, regional short distance gas transmission andgas storage. It controls a German regional gas transportation network operator, Saar Ferngas Transport Gmbh.
ArcelorMittal, through its wholly owned subsidiary Arcelor based in Luxembourg, is paying 367 million euros for 76.88 percent stake in Saar Ferngas to secure gas supplies to its steel production at its German plants.
