BlueScope Steel Limited’s (ASX:BSL) proposed acquisition of a sheet and coil business has been given the all-clear by the Australian Competition and Consumer Commission (ACCC).
The steelmaker last year inked the deal to buy Arrium’s
(ASX:ARI) OneSteel Sheet and Coil processing and distribution assets but the ACCC raised concerns.
Australia’s competition watchdog now says it will not oppose the acquisition after BlueScope agreed to sell its sheet and coil processing assets in Western Australia.
BlueScope will sell the assets to Melbourne-based Selection Steel which the ACCC says should help Selection Steel expand into Western Australia and compete with BlueScope.
BlueScope reported a net profit of almost $27 million in the first half of its 2014 financial year.
