EU objects to MMG–Anglo nickel deal

On Sept. 16, 2026, the European Commission issued a formal statement of objections to MMG concerning its planned purchase of Anglo American’s Brazilian nickel business. The move marks a key stage in the EU merger review, formally setting out the Commission’s competition concerns and requiring MMG to respond under established antitrust procedures.

The EU’s objections focus on the supply of low‑carbon ferronickel, a key input for stainless‑steel manufacturing. Regulators pointed to MMG’s links, via China Minmetals and China’s state‑owned assets regulator SASAC, to downstream stainless‑steel producers outside Europe as a potential source of risk for EU buyers.

The Commission said MMG could divert low‑carbon ferronickel from the Brazilian operations towards its affiliated stainless‑steel producers, reducing availability for European customers. It warned that this potential diversion, combined with limited alternative supply sources, could adversely affect prices for low‑carbon ferronickel in the European Economic Area.

Regulators also cautioned that reduced access to this material could negatively impact the resilience of European stainless‑steel producers. The concern is that fewer secure supply options may leave EU manufacturers more exposed to price swings and supply disruptions in a critical raw material.

Anglo American said it was disappointed by the Commission’s statement of objections. The company argued that the planned transaction would maintain the number of suppliers in the market, implying that overall competitive dynamics in ferronickel supply would remain intact after the deal.

Anglo American also contended that the Commission’s assessment did not adequately reflect recent expansions in ferronickel supply. By pointing to increased availability, it signaled a view that concerns over scarcity and potential price effects may be overstated in the current market context.

MMG has signaled a willingness to adjust the deal structure to address EU concerns over access to low‑carbon ferronickel. On Sept. 16, company executive Troy Hey said MMG is prepared to guarantee long‑term supply commitments to European customers.

These proposed commitments aim to reassure regulators that European stainless‑steel producers will continue to receive stable shipments from the Brazilian operations if the acquisition proceeds. MMG has been engaging with authorities as the review advances and will now have to respond formally to the statement of objections.

The issuance of a statement of objections does not predetermine the outcome of the case but crystallises the EU’s concerns at this stage of the process. MMG can now examine the Commission’s reasoning in detail, submit a written response, and propose remedies such as binding supply guarantees.

The final decision on whether to clear, conditionally approve, or block the acquisition will depend on how the Commission assesses market effects and any commitments offered by MMG. For European stainless‑steel producers and ferronickel customers, the review outcome will help shape future access and pricing conditions for low‑carbon ferronickel in the region.