S Korea reported to launch anti-monopoly probe into Rio-BHP JV

13:29, May 28, 2010      

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China Iron and Steel Association (CISA) confirmed today that South Korea has launched an anti-monopoly probe into a plan by Rio Tinto and BHP Billiton to establish a joint venture, reported Beijing-based Caijing magazine.

Prior to this, anti-monopoly authorities in the European Union and China announced investigations into the two iron ore giants' joint venture plan.

As the world's second and third largest iron ore suppliers, Rio Tinto and BHP Billiton control nearly 40 percent of world iron ore trade volume. The two companies signed a joint venture agreement worth 116 billion U.S. dollars last December to integrate their iron mine assets in west Australia.

The CISA noted that during the dialogue between China's Ministry of Commerce, the CISA, the South Korean Knowledge Economy Ministry and the Korean Iron and Steel Association, South Korea made it clear that it is necessary to oppose the joint venture.

It is estimated that South Korea will make a final decision about the deal in the second half of 2010.

By People's Daily Online

(Editor:祁澍文)

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