EUROPEAN COMMISSION DG Competition

Only the English text is available and authentic.

REGULATION (EC) No 139/2004 MERGER PROCEDURE

Article 6(1)(b) NON-OPPOSITION Date: 16/03/2022

In electronic form on the EUR-Lex website under document number 32022M10593

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

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.

1OJ 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.

2OJ L 1, 3.1.1994, p. 3 (the ‘EEA Agreement’).

3Publication 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.

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.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

4OJ C 366, 14.12.2013, p. 5.

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