Steelmakers against tie-up involving Rio Tinto

European steelmakers called Friday for EU regulators to block BHP Billiton Ltd.'s efforts to take over mining rival Rio Tinto PLC, saying that such a deal would allow a new iron giant to fix prices for steel's key raw material.

Eurofer, the European Confederation of Iron and Steel Industries, said it "cannot believe that the (European) Commission will authorize the merger of two of three mining companies which dominate almost 75 percent of the world market for seaborne iron ore."

The group's director general, Gordon Moffat, said the takeover would give the new company the power to fix prices for iron ore and coking coal - beyond price surges in recent years amid growing demand from China.

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- Posted: 2008-05-30 08:53:42

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