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The warning from the European Commission, which acts as the EU competition enforcer, came as it opened an in-depth investigation into the deal, amid global concerns about the supply of key minerals and China's dominance. Sign up here. "Ferronickel is a key input for European producers to manufacture high-quality, low-emission stainless steel at competitive prices, which is critical for many sectors," EU antitrust chief Teresa Ribera said in a statement. "Our investigation aims to verify whether this concentration could jeopardise continued and reliable access in Europe to this important resource," she said. The Commission said a diversion of ferronickel supply, together with limited alternative supply sources, could adversely affect the price and quality of a substantial share of European stainless steel production, affecting the ability to compete globally. MMG and Anglo American said they were committed to the deal. They said their earlier offer for Anglo American to buy ferronickel from MMG for resale in Europe for up to 10 years to ease regulatory concerns was an optimal outcome for customers. The Commission will decide by March 20 whether to clear or block the deal, which can be extended if the companies submit fresh concessions. Reporting by Foo Yun Chee; Editing by Sharon Singleton Our Standards: The Thomson Reuters Trust Principles., opens new tab An agenda-setting and market-moving journalist, Foo Yun Chee is a 21-year veteran at Reuters. Her stories on high profile mergers have pushed up the European telecoms index, lifted companies' shares and helped investors decide on their next move. Her knowledge and experience of European antitrust laws and developments helped her break stories on Microsoft, Google, Amazon, Meta and Apple, numerous market-moving mergers and antitrust investigations. She has previously reported on Greek politics and companies, when Greece's entry into the eurozone meant it punched above its weight on the international stage, as well as on Dutch corporate giants and the quirks of Dutch society and culture that never fail to charm readers.
