Commission sends Statement of Objections over the proposed acquisition of Anglo American's nickel business by MMG

The European Commission has informed MMG Limited ('MMG') of its preliminary view that its proposed acquisition of Anglo American's nickel business ('the target') may restrict competition in the market for low-carbon ferronickel, a key alloying material in stainless steel production. In particular, the Commission is concerned that, following the transaction, MMG could divert low-carbon ferronickel supply away from European markets, leading to higher costs in European stainless steel production.

MMG is a multinational mining and metals company engaged in the exploration, development and production of base metals, primarily copper and zinc, for global industrial markets. MMG is controlled by China Minmetals Corporation ('CMC'). CMC is in turn controlled by the Chinese State-owned Assets Supervision and Administration Commission ('SASAC'), which also controls several stainless steel producers. The target consists of two operating ferronickel facilities and two greenfield development projects located in Brazil.

On 4 November 2025, the Commission opened an in-depth investigation to assess if MMG's acquisition of Anglo American's nickel business would reduce the availability of low-carbon ferronickel supply to stainless steel producers in the European Economic Area ('EEA').

The Commission conducted a wide-ranging investigation to understand the affected markets and the potential impact of the deal. This investigation included, among others, reviewing internal documents provided by the parties and collecting market data and analysis from competitors and customers.

The Commission preliminarily found that the market for low-carbon ferronickel is a highly concentrated one where (i) the target holds substantial market power; and (ii) alternative sources of supply for European customers are limited.