Commission européenne, DG COMP MERGER REGISTRY, 1049 Bruxelles, BELGIQUE  
Europese Commissie, DG COMP MERGER REGISTRY, 1049 Brussel,   BELGIË  
 
Tel: +32 229 -91111. Fax: +32 229 -64301. E -mail: COMP -MERGER -REGISTRY@ec.europa.eu . 
  EUROPEAN COMMISSION  
Brussels, 18.2.2020  
C(2020 )1038 final  
PUBLIC VERSION  
To the notifying parties  
Subject : Case M. 9726  – ITOCHU  / AMCI / POSCO / JVLP / NCR  
Commission decision pursuant to Article 6(1)(b) of Council Regulation 
(EC) No 139/20041 and Article 57 of the Agreement on the European 
Economic Area2  
Dear Sir or Madam,  
1. On 27 January  2020 , the European Commission received notification of a proposed 
concentration pursuant to Article 4 of the Merger  Regulation by which the 
undertakings Itochu Corporation (“Itochu”, Japan),  American Metals & Coal 
International, Inc. (“AMCI”, USA), POSCO Corporation (“POSCO”, South Korea) 
and Jaz Ventures, L.P. (“JVLP”, USA)  acquire within the meaning of Article 3(1)(b) 
and 3(4) of the Merger Regulation jo int control over the whole of the undertaking 
North Central Resources, LLC (“NCR”, USA)  by way of purchase of shares .3 
2. The business activities of the undertakings concerned are:  
 Itochu is active across a wide range of industries including steel products, textiles, 
industrial machinery, electronics, chemicals, food and financial services,  
 AMCI is a privately held natural resources investment company, with operations 
in a number of areas affecting energy and metal commodities, including 
investments in coal a nd minerals, metals and shipping,  
 POSCO is involved in a range of mining industries such as iron ore, nickel, coal 
and renewable energy. POSCO currently operates two steel mills in Korea,  
 JVLP is a family limited partnership holding a variety of investment s in energy 
companies,  
                                                 
1 OJ L 24, 29.1.2004, p. 1 ( the ‘Merger Regulation ’). With effect from 1 December 2009,  the Treaty on 
the Functioning of the European Union ( ‘TFEU ’) has introduced certain changes, such as the 
replacement of ‘Community ’ by ‘Union ’ and ‘common market ’ by ‘internal market ’. The terminology 
of the TFEU will be used throughout this decision.  
2  OJ L 1, 3.1.1994, p.  3 (the ‘EEA Agreement ’). 
3  Publication in the Official Journal of the European Union No C 035, 3.2.2020, p. 8. 

2  NCR is a joint venture whose aim is to hold, develop, explore, construct and 
exploit commercially a greenfield coking coal project in West Virginia.  
3. After examination of the notification, the European Commission has concluded that 
the notified operation falls within the scope of the Merger  Regulation  and of 
paragraph 5 (a) of the Commission Notice on a simplified procedure for treatment of 
certain concentrations under Council Regulation (EC) No 139/2004 .4 
4. For the reasons set out in the Notice on a simplified procedure, the European 
Commission has decided not to oppose the notified operation and to declare it 
compatible with the internal market and with the EEA Agreement. This decision is 
adopted in applicat ion of Article 6(1)(b) of the Merger  Regulation  and Article 57 of 
the EEA Agreement . 
For the Commission  
 
 
(Signed)  
Olivier GUERSENT  
Director -General  
 
 
                                                 
4  OJ C 366, 14.12.2013, p. 5 .