It is reported that Mr Philippe Varin CEO of TATA Corus strongly criticized BHP Billiton's attempt to take over mining rival Rio Tinto by saying that it would be a huge blow to competition.

Mr Varin during a conference organized by Metal Bulletin and World Steel Dynamics in Paris said that "I would expect that the anti trust authorities, be it in New York in the US, in Japan, in China or wherever, will take some position to prevent this market share.”

He added that "When two players control 70% of the market, it's too much for us as a steel producer. I do not think it is good for the steel industry.”

Incidentally, recently TATA Corus parent TATA Steel has backed BHP Billiton's proposed merger with Rio Tinto by saying that it will be good for the steel industry. Mr B Muthuraman MD of TATA Steel was reported to have said that “While there are some concerns that a combined entity could drive up market prices for iron ore, the merger is in the best interests of the industry. It is a natural thing to happen. I think it is good for the commodity industry which has had serious cycles over the last 25 years to 50 years. It is time I think that both the steel industry as well as the commodity industry consolidate assets."