European Commission clears the proposed merger between Avesta Sheffield and Outokumpu Steel

European Commission clears the proposed merger between Avesta Sheffield and Outokumpu Steel The European Commission has cleared the proposed merger between Avesta Sheffield AB (publ) and Outokumpu Steel Oyj to form AvestaPolarit after a careful analysis which showed that there would remain sufficient competition in the sector despite the high degree of concentration. The analysis was completed within the initial one-month period. The merger has also been approved by the relevant competition authorities in the United States and Canada. Notifications for approval are also being made in Brazil, Poland and South Africa. The approval now enables the parties to move into the next phase with the aim of commencing the Exchange Offer on 19 December 2000, pending due Board and OMSE approvals. In the Exchange Offer, Avesta Sheffield shareholders will be offered one Outokumpu Steel share for each Avesta Sheffield share. Prior to this a Prospectus concerning the Exchange Offer and AvestaPolarit will be published. For further information please contact Avesta Sheffield: Ian Cooper, Chief Financial Officer, tel. +46 (0)8 613 36 47 or Inga Lundberg, Investor & Media Relations, tel. +46 (0)8 613 44 19 Outokumpu: Katarina Lybeck, Corporate Communications, tel. +358 9 421 2431. ------------------------------------------------------------ This information was brought to you by BIT http://www.bit.se The following files are available for download: http://www.bit.se/bitonline/2000/12/04/20001204BIT01000/bit0001.doc http://www.bit.se/bitonline/2000/12/04/20001204BIT01000/bit0002.pdf

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