China Steel Association Made Clear Its Position Against The Merger Of BHP Billiton And Rio Tinto.

Yesterday was the first day of the implementation of the anti-monopoly law. Luo Bingsheng, executive vice president of the China Iron and Steel Industry Association (hereinafter referred to as "China Steel Association"), said in Beijing that BHP Billiton had submitted an anti monopoly application to the merger of Rio Tinto, and the investigation is still ongoing.

China Steel Association has made clear its position against the merger of BHP Billiton and Rio Tinto.

"The antimonopoly law provides that the monopolistic act outside People's Republic of China shall be applicable to the exclusion and restriction of domestic market competition."

The Ministry of Commerce, international trade and Economic Cooperation Research Institute, told reporters yesterday that this marks China's recognition of the principle of extraterritorial jurisdiction of the antimonopoly law and affirms that China has the right to exercise jurisdiction over overseas acts affecting the domestic market.

BHP Billiton has submitted antitrust applications to the United States, the European Union and Canada.

"If the main countries do not approve the merger, they will abort."

Xu Xiangchun, an expert in iron and steel network, thinks that the iron ore negotiations just ended have already done harm to China.