Evraz Group, Russia's top steel maker by volume, won a conditional approval from the European Commission on Tuesday to buy South African steelmaker Highveld for $678 million.
The Commission said that, given the commitments made by Evraz, "the Commission has concluded that the proposed transaction would not significantly impede effective competition in the European Economic Area".
Highveld, South Africa's second-largest steel maker, is the world's top supplier of vanadium, used in the production of special and alloy steels. The company is being sold by Anglo American Plc.
Read more at Reuters South Africa
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