The Competition Commission of India has approved the proposed acquisition of certain shareholding in POSCO - India Pune Processing Center Private Limited by POSCO India Processing Center Private Limited.

POSCO India Processing Center Private Limited (Acquirer), a subsidiary of POSCO Holdings, is present in the broader business of processing and distribution of steel, and specifically in the market for processing and/ or distribution of various value-added finished steel products such as (i) hot rolled coils, sheets and plates; (ii) cold rolled coils, sheets and plates; (iii) galvanised steel products, (iv) specialty and other steel products (including electrical steel and other steel products like steel wire rods, scrap, coil, etc.).

POSCO- India Pune Processing Center Private Limited (Target), through its affiliates and subsidiaries is also present in the broader business of processing of steel, specifically in the market for processing and/ or distribution of various value-added finished steel products such as, (i) hot rolled coils, sheets and plates; (ii) cold rolled coils, sheets and plates; (iii) galvanised steel products, and (iv) specialty and other steel products (including electrical steel and other steel products like steel wire rods, scrap, coil, etc.).

The proposed transaction comprises the Acquirer’s acquisition of the entire shareholding of LX International Corporation (Seller) in the Target. It is stated that both the Acquirer and Target are subsidiaries of POSCO Holdings Inc. (POSCO Holdings) and the exiting Seller is an unrelated entity (Proposed Combination).

Detailed order of the Commission will follow.

Merger control: approval of intra-group acquisition of shareholding in steel processing entity with overlapping value added steel product markets. Merger control clearance was granted for POSCO India Processing Center Private Limited's acquisition of the entire LX International Corporation shareholding in POSCO - India Pune Processing Center Private Limited; both Acquirer and Target are subsidiaries of POSCO Holdings while the Seller is unrelated. Both parties operate in the processing and distribution of value added finished steel products including hot rolled, cold rolled, galvanised and specialty steel products, and the Commission reviewed the overlaps in these product markets; a detailed order will follow.