Brussels officials issued a statement of objections on Wednesday, signaling that MMG—a firm majority-owned by China Minmetals—could consolidate control over critical materials to favor Chinese state-backed steel producers. The European Union’s executive arm opened an in-depth probe into the transaction last November, specifically questioning whether the integration of these assets would suppress competition or artificially inflate prices for local industrial buyers.

Anglo American disputes these findings, asserting that the acquisition would maintain current supply levels rather than diminish them. A company spokesperson expressed disappointment over the extended regulatory scrutiny, stating they have provided independent evidence to prove the deal poses no competitive threat. With a final decision deadline set for November 30, the company intends to continue negotiations with the Commission to address these concerns.