China Steel Group Calls Rio-BHP Deal 'Monopolistic'

Law360, New York (June 9, 2009, 12:00 AM EDT) -- China’s steel industry association has reportedly come out against a proposed joint venture between mining firms Rio Tinto Ltd. and BHP Billiton Ltd. involving both companies’ Western Australian iron ore assets.

The China Iron and Steel Association on Tuesday opposed the move to join forces, claiming that the joint venture agreement “has a strong monopolistic color,” according to an Associated Press report. The group’s 119 members are responsible for 90 percent of output in the country, the world’s leading steel producer, the report said.

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