Brazilian antitrust regulator CADE, which had decided to reexamine the sale of Companhia Siderurgica do Pecem in February beginning, has decided to approve again without restrictions the sale of Companhia Siderurgica do Pecem to ArcelorMittal. CADE announced “The risks mentioned by Usiminas for the suspension of the sale have proved groundless, following the evaluation by its board. Usiminas had mentioned the closure of the market and increased costs for the competition, among the reasons for the revaluation of the authorization of the sale. Usiminas was trying to obtain a fixed quota of the slab produced by CSP, as if it were a shareholder of the company.”CADE had approved the acquisition of Companhia Siderurgica do Pecem by ArcelorMittal, for USD 2.2 billion in January 2023. 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 in July 2022.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.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.