The European Commission has sent MMG Limited a Statement of Objections over its proposed acquisition of Anglo American’s nickel business, saying the deal may restrict competition in the market for low-carbon ferronickel used in stainless steel production.
The Commission said in a statement on Wednesday that its preliminary view is that MMG could divert supplies of low-carbon ferronickel away from Europe after the transaction, which could raise costs for stainless steel producers in the European Economic Area (EEA).
MMG is a mining and metals company controlled by China Minmetals Corporation, which is in turn controlled by China’s State-owned Assets Supervision and Administration Commission (SASAC). SASAC also controls several stainless steel producers.
Anglo American’s nickel business includes two operating ferronickel facilities and two greenfield development projects in Brazil, according to the Commission.
It said the operations produce low-carbon ferronickel — an alloying material used to make stainless steel.
In-depth investigation opened in November 2025
An in-depth investigation was opened on 4 November 2025 to assess whether the takeover would reduce the availability of low-carbon ferronickel for stainless steel producers in the EEA, the Commission said.
Its investigation included reviewing internal documents provided by the parties and collecting market data and analysis from competitors and customers.
The market for low-carbon ferronickel is “highly concentrated”, with the target holding substantial market power and limited alternative sources of supply for European customers.
The Commission said it is concerned MMG could direct supply towards affiliated stainless steel producers controlled by SASAC and away from European producers, which could affect prices of low-carbon ferronickel in the EEA and increase costs for European stainless steel production.
A Statement of Objections is a formal step in a merger investigation that sets out the Commission’s concerns and gives the company an opportunity to respond, consult the case file and request an oral hearing.
The Commission stated that sending the document does not prejudge the final outcome.
The transaction was notified to the Commission on 16 September 2025, and a final decision is due by 30 November 2026.
