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July 11, 2018

Although Australia’s two major iron ore giants Rio Tinto and BHP Billiton claimed that the new joint venture iron ore agreement in Western Australia has “substantially modified” the original plan and “will not engage in sales of any joint venture”, China and global steel People in the industry pointed out that this change will still cause the "two extensions" to increase the risk of monopoly.
Rio Tinto, one of the three major mining giants, announced on the 5th that it has signed a binding agreement with BHP Billiton, another mining giant, on the establishment of a production joint venture. The joint venture owns all of the current and future iron ore of Western Australia. Assets and debts, unified operation of neighboring mineral resources; integration of management, procurement and daily expenses. And predicted that the transaction will be officially completed in the second half of 2010.
Although this agreement is a long-standing new version of the "two extensions" merger, the global steel industry including China is strongly opposed. The EU Commission rejected Rio Tinto’s plans to purchase Rio Tinto’s wholly-owned assets on the grounds that it “was worried that the iron ore market would be manipulated” due to Rio Tinto's registration as a European company. However, "Two Extensions" did not give up, and this time changed to the model of separation of production and sales, and tried to pass anti-monopoly review in Europe and other countries and regions. However, the steel industry is still concerned about the danger of monopoly.
In June of this year, the Ministry of Commerce of the People's Republic of China stated that it would conduct an anti-monopoly review of the "two extensions" merger plan, but it has not received the "two extensions" application report since then. The European Iron and Steel Industry Alliance issued a statement on November 16 calling on the European Union's anti-monopoly authority to stop the new iron ore joint venture between the mining giants BHP Billiton and Rio Tinto.
The Japanese steel industry, which has always been considered to benefit from the rise in iron ore prices or offset the impact of price increases, is also opposed to the merger of the two extensions. The president of the Japan Iron and Steel Association and president of Nippon Steel Corporation, Sakaoka, pointed out on the 7th that the above plan will limit competition, just as BHP Billiton acquired Rio's proposal.
Xu Xiangchun, Director of Consulting Department of “My Steel Network” stated that the cooperation between BHP Billiton and Rio Tinto will change the international iron ore market structure and may replace the world’s number one Vale. Two extensions will also be strengthened in the iron ore negotiations.

The merger of production operations enables the “Two Extensions” to share their respective information on production and view the supply and demand situation of the iron ore market from a cooperative perspective. This not only avoids the situation in which both parties are barred from each other in the iron ore negotiations, but also can be smoother. The increase in negotiating prices further affected the results of the annual iron ore price negotiations.

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