The Brazilian antitrust authority CADE has approved, without restrictions, the acquisition of Companhia Siderurgica do Pecem by ArcelorMittal, for USD 2.2 billion. According to Cade, elements relative to imports and competition in the slab market can mitigate the possibility of market power abuse in the future.ArcelorMittal had signed an agreement with the shareholders of Companhia Siderúrgica do Pecém to acquire CSP for an enterprise value of approximately USD 2.2 billion.CSP and Ternium are the main players in the Brazilian slab domestic market, with market share ranges respectively of 30-40% and 50-60%, while ArcelorMittal, CSN, Gerdau and Usiminas have less that 10% each of market share.Located in Ceará in Brazil and founded in 2008, CSP is a joint venture between Vale 50%, Dongkuk 30% and Posco 20%. CSP was originally a JV of Vale with 50%, Dongkuk 30% and POSCO 20%. It operates a 3 million tonne capacity blast furnace and has access via conveyors to the Port of Pecém, a large scale deep water port located 10 kilometers from the plant. CSP operates within Brazil’s first Export Processing Zone and benefits from various tax incentives including a low corporate income tax rate.