Brussels, 18/02/2004 (Agence Europe) - As we previously indicated the European Commission has approved the acquisition of joint control by ThyssenKrupp and Arcelor of Steel 24-7. Steel 24-7 was created in 2003 by ThyssenKrupp, Arcelor and Corus as a platform for the provision of Internet-based communication services for the steel community. According to a deal notified to the Commission on January 14, ThyssenKrupp is buying Corus' shares. It will subsequently own 50% in the JV, the other half belonging to Arcelor. Steel 24-7 will provide transaction services such as electronic catalogues, requests for quotes and forward auctions as well as follow up services regarding the execution of contracts. It will also act as a communications platform. On the product side, Steel 24-7 will focus on sales of flat carbon steel products. Although the combined market shares of ThyssenKrupp and Arcelor in the market concerned are high, the Commission has concluded to the absence of serious competition problems. This is because only a small part (less than 10%) of the parent companies' sales will be made via Steel 24-7. These sales will be limited to small clients who will have the possibility of dealing directly with steel producers, therefore saving on traders' fees. Larger clients will continue to negotiate directly with steel producers and will have the advantage of having the possibility of using Steel 24-7 for follow up services and Integration services. The use of Internet for Follow up services will also allow steel sellers to make important savings in administrative costs.