The Competition Commission of India has approved the proposed acquisition of certain shareholding in POSCO - India Pune Processing Center Private Limited by POSCO India Processing Center Private Limited.

POSCO India Processing Center Private Limited (Acquirer), a subsidiary of POSCO Holdings, is present in the broader business of processing and distribution of steel, and specifically in the market for processing and/ or distribution of various value-added finished steel products such as (i) hot rolled coils, sheets and plates; (ii) cold rolled coils, sheets and plates; (iii) galvanised steel products, (iv) specialty and other steel products (including electrical steel and other steel products like steel wire rods, scrap, coil, etc.).

POSCO- India Pune Processing Center Private Limited (Target), through its affiliates and subsidiaries is also present in the broader business of processing of steel, specifically in the market for processing and/ or distribution of various value-added finished steel products such as, (i) hot rolled coils, sheets and plates; (ii) cold rolled coils, sheets and plates; (iii) galvanised steel products, and (iv) specialty and other steel products (including electrical steel and other steel products like steel wire rods, scrap, coil, etc.).

The proposed transaction comprises the Acquirer’s acquisition of the entire shareholding of LX International Corporation (Seller) in the Target. It is stated that both the Acquirer and Target are subsidiaries of POSCO Holdings Inc. (POSCO Holdings) and the exiting Seller is an unrelated entity (Proposed Combination).

Detailed order of the Commission will follow.

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