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, 16.3.2022  
C(2022 ) 1732 final  
PUBLIC VERSION  
Saudi Arabian Industrial Investments 
Company  
King Khaled International Airport 
Road , Riyadh Front  
Building N4, P.O. Box 47340  
Riyadh 13413 -3686  
Saudi Arabia  
 
SeAH Changwon Integrated Special Steel 
Corp.  
28F, SeAH Tower  
45 Yanghwa -ro, Mapo -gu 
Seoul 04036  
Republic of Korea  
Subject : Case M. 10593 – DUSSUR / SeAH / JV  
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 22 February 2022 , the European Commission received notification of a proposed 
concentration pursuant to Article 4 and following a re ferral pursuant to Article 4(5) of 
the Merger  Regulation by which  Saudi Arabian Industrial Investments Company 
(‘Dussur’, Saudi -Arabia)  and SeAH Changwon Integrated Special Steel Corp. 
(‘SeAH’, South Korea)  intend to  acquire within the meaning of Article s 3(1)(b) 
and 3(4) of the Merger Regulation joi nt control of a newly created compa ny 
(‘Target  JV’, Saudi -Arabia)  by way of acquisition  of shares.3 
                                                 
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 ( the ‘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 102, 2.3.2022 , p. 13. 

2 2. The business activities of the undertakings concerned  and the newly set -up joint 
venture are the following : 
 Dussur is a strategic industrial investment firm, 
 SeAH is a manufacturer of special steel products for various applications 
including automotive, machinery, aviation, energy, shipbuilding and electronics,  
 the Target JV is a greenfield joint venture set up for the purposes of 
manufacturing and sellin g stainless seamless pipes and tubes in the Middle East 
and North Africa . 
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 application of Article 6(1)(b) of the Merger  Regulation  and Article 57 of 
the EEA Agre ement . 
For the Commission  
 
 
(Signed)  
Olivier GUERSENT  
Director -General  
                                                 
4  OJ C 366, 14.12.2013, p. 5 .