China's Hesteel offers $1.5bn for Slovakia's US Steel Košice
Chinese firm Hesteel Group is said to be close to sealing a €1.4bn ($1.5bn) acquisition of US Steel Košice, according to Bratislava-based Finweb. If successful, it would be the biggest merger or acquisition by a Chinese company so far this year. In 2015, Hesteel was the world's second-biggest steel producer, with output of 47.7 million tonnes. However, the deal could be under threat from the European Commission which, alongside the European Steel Association (EUROFER), launched an anti-dumping investigation against China last year.

Mikhail Belyaev of the Institute of Stock Market and Management told Sputnik that the EU is in a difficult position since Hesteel appears to be the only buyer that can provide the amount of investment the plant needs.

"The attitude of European institutions to the planned transaction may be twofold. Firstly, in the EU they think that if the steel industry ends up in strong financial hands, steel will be produced and Europe's position in the steel market will be strengthened. On the other hand, the plant will belong to China. Europeans understand that China is not taking this step because it is concerned about Europe. This is an absolutely strategic, pragmatic decision made in order to strengthen Chinese control over the world's steel capacity," Belyaev said.

"China's big ship is cutting through the water, without paying heed to any storm. It is taking its own course, not paying attention to the EU's attacks in the form of anti-dumping duties or the financial difficulties of the absorbed company. China psychologically positions itself as a country that can afford a lot financially. Especially now it has grounds not to pay attention to the global cataclysms that concern both Europe and the United States. It (China) is doing what it sees fit in terms of strengthening its global influence."

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