CELEX: 32022M10593
Language: en
Date: 2022-03-16 00:00:00
Title: Commission Decision of 16/03/2022 declaring a concentration to be compatible with the common market (Case No COMP/M.10593 - DUSSUR / SeAH / JV) according to Council Regulation (EC) No 139/2004 (Only the English text is authentic)

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 referral 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 Articles 3(1)(b)
        and 3(4) of the Merger Regulation joint control of a newly created company
        (‘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.
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.
 ---pagebreak--- 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 selling 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 Agreement.
                                                     For the Commission
                                                     (Signed)
                                                     Olivier GUERSENT
                                                     Director-General
4  OJ C 366, 14.12.2013, p. 5.
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