KOSA opposes the production joint venture between Rio Tinto and BHPB

The Korea Iron & Steel Association (KOSA) announced that it opposes the production joint venture between Rio Tinto and BHPB. Rio Tinto and BHPB announced on June 5 that they have signed a nonbinding agreement to establish a production joint venture that covers both companies` western Australian iron ore assets. The companies` marketing and sales functions will maintain their independence. Nevertheless, the joint venture may result in an oligopoly in the iron ore market and therefore produce adverse effects. Therefore, the Korea Iron & Steel Association (KOSA) opposes the production joint venture between Rio Tinto and BHPB.

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