Borusan Turkish mill jv cleared by EU

The European Commission said it hascleared steel group ArcelorMittal and Turkish peer Borusan'sproposed 50-50 joint venture which will see a $500 millioninvestment in the construction of a new hot strip mill in Gemlik,Turkey. from the mill, which will be located next to ArcelorMittal and Borusan'sjointly operated Borcelik plant, on the Marmara Sea coast, isplanned to operate in first half of 2010 with a capacity of 4.8million tonnes. The transaction was reviewed under the EU's 'simplified' mergerreview procedure for cases which the commission believes do notpose competition concerns. Copyright Thomson Financial News Limited 2008. All rights reserved. The copying, republication or redistribution of Thomson FinancialNews Content, including by framing or similar means, is expresslyprohibited without the prior written consent of Thomson FinancialNews. Neither the Subscriber nor Thomson Financial News warrants thecompleteness or accuracy of the Service or the suitability of theService as a trading aid and neither accepts any liability forlosses howsoever incurred. The content on this site, includingnews, quotes, data and other information, is provided by ThomsonFinancial News and its third party content providers for yourpersonal information only, and neither Thomson Financial News norits third party content providers shall be liable for any errors,inaccuracies or delays in content, or for any actions taken inreliance thereon.