ACCC Clears Path for Merger of OneSteel, Smorgon Steel and BlueScope Steel

The Australian Competition and Consumer Commission (“ACCC”) announced today that it will not oppose either the proposed merger between Smorgon Steel and OneSteel ("Merger") or the proposed acquisition by BlueScope Steel of the Smorgon Steel Distribution Businesses ("BlueScope Acquisition"). Accordingly, BlueScope Steel, Smorgon Steel and OneSteel confirm that the ACCC conditions to implementation of the proposal, which includes the Merger and the BlueScope Acquisition, are now satisfied.

The ACCC decision follows the provision of revised undertakings by OneSteel relating to unsuccessful anti-dumping applications in relation to specified products made or supported by OneSteel over the next five years.

Smorgon Steel has lodged a draft Scheme Book with the Australian Securities and Investments Commission (“ASIC”) and, subject to ASIC’s review of the document, an application to convene meetings of shareholders to consider the Scheme of Arrangement will be heard by the Supreme Court of Victoria as soon as possible.

Smorgon Steel expects that, subject to completion of these remaining processes, it will issue a detailed Scheme Book to shareholders before the end of June and that a shareholder meeting to consider the Scheme will be held before the end of July.

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