Mr Axel Eggert a spokesman for the European Confederation of Iron and Steel Industries as saying that Diversified Anglo Australian miner BHP Billiton Limited decision to walk away from its Rio Tinto PLC offer is a good decision for future competition in the iron ore industry and for steelmakers across the globe.

He said that the merger of the two companies would have placed Q3 of the world's sea borne iron ore trade in the hands of two companies as opposed to three companies. He added that "This deal was a huge concern not only to European steel industry but to other steel producing regions. There's already a high concentration of iron ore in the hands of the top three players.”

Mr Gordon Moffat GD of Eurofer said that "The disposals outlined by the EU were essential to maintain respectable competition in the sector were significant and would have destroyed the rationale for the deal."