commiss decis declar concentr compat common market eea agreement council regul eec case comp alcoa reynold notifi document number english text authent text eea relev ec commiss european commun regard treati establish european commun regard agreement european econom area articl thereof regard council regul eec decemb control concentr undertak amend council regul ec june articl thereof regard commiss decis decemb initi proceed case undertak concern opportun make view object rais commiss regard opinion advisori committe concentr novemb commiss receiv notif propos concentr alcoa quot alcoa quot acquir control undertak reynold metal compani quot reynold quot merg activ worldwid decis date decemb commiss found notifi oper rais doubt compat common market function eea commiss initi proceed case pursuant articl regul eec hereinaft refer quot merger regul quot parti oper alcoa largest aluminium produc worldwid corpor involv aspect aluminium industri bauxit mine alumina refin aluminium smelt manufactur recycl research technolog alcoa oper north america brazil australia japan china european commun reynold corpor involv aspect aluminium industri bauxit mine alumina refin aluminium smelt manufactur recycl packag research technolog reynold oper part world august alcoa reynold agre merger quot agreement plan merger quot outstand vote secur reynold exchang vote secur alcoa alcoa end creat merger subsidiari merg reynold alcoa exchang share alcoa common stock share reynold common stock reynold wholli own subsidiari alcoa alcoa acquir sole control reynold board director alcoa reynold approv transact valu usd billion conclud propos oper constitut concentr mean articl merger regul ii commun dimens undertak concern combin aggreg worldwid turnov eur billion alcoa reynold commun wide turnov excess eur million alcoa eur million reynold eur million achiev third aggreg commun wide turnov member state notifi oper commun dimens mean articl merger regul case eea cooper iii competit assess basi notif market investig commiss reach conclus propos concentr lead creation domin posit market smelter grade alumina commod hydrat high puriti aluminium merg parti vertic integr compani activ stage aluminium suppli chain produc sell bauxit hydrat smelter grade alumina aluminium semi finish finish flat roll extrud cast forg semi finish finish segment product tailor produc meet specif end user respect criteria thick quot gaug quot shape strength surfac appear semi finish finish aluminium product wide rang end applic includ transport industri build construct industri contain packag industri electr industri smelter grade alumina product market definit previou decis commiss defin alumina constitut relev product market alumina white powder princip smelter produc aluminium alumina produc bauxit or refin process call bayer process refin alumina requir stage digest clarif precipit calcin precipit dry process elimin water surfac alumina crystal product remov sold aluminium hydroxid alumina hydrat alumina hydrat sold stage chemic applic chemic grade alumina cga refer commod hydrat process special hydrat aluminium hydroxid gener dri calcin elimin water crystal alumina result process calcin alumina nineti cent calcin alumina smelt aluminium metal call metallurg smelter grade alumina sga remind process chemic applic sga account total worldwid alumina product cga made remain alumina divid grade smelter grade alumina sga chemic grade alumina cga shown product constitut separ product market suppli side consider cga sga deriv product process chemic alumina hydrat cga intermedi product sga product process sga produc produc chemic grade alumina hydrat order increas product sga expens cga refineri instal addit calcin equip refineri run full capac order cost effici cga feedstock product gener higher puriti level sga manufactur aluminium chemic catalyst addit toothpast cement water treatment refractor steel make special product price grade differ substanti cga cost sga shift product sga result econom penalti commiss investig brought histor evid cga capac shift signific quantiti make sga support fact product end product process easili rapidli turn sga commiss consid suppli side substitut cga sga demand side consider demand sga depend fulli product primari aluminium turn depend sga suppli substitut sga sga purpos product primari aluminium degre mutual depend supplier custom sga fact consider imbal side costli leav smelt capac idl refineri capac world product smelter grade alumina million tonn larg part alumina consum integr firm smelter exist integr alumina refin competitor custom question agre distinguish alumina captiv alumina sold merchant market surplu alumina intern integr produc made sale parti independ smelter hoogoven southwir dubal approxim third worldwid sga product captiv integr firm alcoa reynold kaiser alcan product captiv buyer merchant market consequ captiv product compani question exclud relev product market captiv product made merchant market price sga increas significantli integr firm divert product sga captiv consequ smelter run full capac result cost penalti recoup event substanti price increas sga primari aluminium sell roughli time price sga commiss investig event high rise sga spot market price calcul avoid cost aluminium smelter cost incur aluminium product reduc temporari basi energi raw materi labour cost incur result closur restart procedur shown lost profit due sale captiv alumina merchant market product aluminium higher benefit obtain increas alumina sale integr produc respond commiss questionnair awar instanc time tight suppli sga integr manufactur shift suppli captiv favour merchant market commiss assess account smelter grade alumina captiv worldwid merchant market sga surplu alumina total product million ton cru expect million ton merchant market compris medium long term contract spot market exclud alumina captiv medium term contract durat typic year long term contract conclud period year run year contract price percentag rate lme price primari aluminium percentag fix rate instanc spread refer put call claus instanc custom call suppli upper boundari seller put volum lower boundari spread word put call claus buyer alumina oblig bui lowest percentag rate spread refus bui seller increas price higher end spread long term contract put call claus requir price negoti predetermin interv yearli basi initi period price base fix percentag lme aluminium price long term contract put call claus sensit market situat suppli demand lme spot market compris contract durat year repres singl cargo vessel prevail spot market price spot market absorb variat refineri product level fix commit variat custom take long term contract spot market reportedli russian chines smelter spot market account merchant market price develop spot market impact price negoti long term contract serv indic gener market equilibrium spot price high market particip impress quot seller market quot parti definit product market exclud long term contract arrang make enorm quantiti alumina unavail parti parti propos focu examin market quot alumina quot analysi calcul market share born mind quot long term quot alumina contract insul buyer seller industri price fluctuat larg amount price flexibl built contract alumina contract price ti market price lme aluminium price aluminium price alter price smelter pai alumina found past announc aluminium product capac reduct greater influenc rais lme price restart capac reduc parti easili announc capac cut impact lme offset similar capac increas announc enterpris activ aluminium sector mention paragraph medium long term contract fix price claus link lme put call rang annual price renegoti price fluctuat durat contract reflect econom avail merchant market estim contract put call claus conclus basi preced point take account market investig commiss reach preliminari conclus relev market alumina quot merchant market quot market surplu alumina includ medium long term contract spot sale relev geograph market smelter grade alumina sga trade worldwid market signific trade flow geograph region alumina refineri built close bauxit mine avoid uneconom long distanc transport bauxit or alumina ship aluminium smelter locat part world western world total parti market produc alumina merchant market includ sale eastern countri western alumina produc suppli million tonn western merchant market million tonn eastern europ ci china hand surplu alumina refineri eastern europ ci china sold local plant metal expert jame king merchant market eastern europ china account million tonn export western smelter trade alumina western eastern countri exist trade eastern countri western countri ow deficit alumina geograph area lower qualiti alumina produc area surplu alumina refineri western smelter purpos analysi sga merchant market commiss account surplu sga produc western refineri competit assess market situat sga refineri suppli aluminium smelter surplu alumina sold integr compani integr compani deficit alumina trade organis activ bui sell sga tabl depict market situat gt tabl gt tabl merg entiti largest player merchant market alumina market share rival kaiser size parti figur indic market power merg entiti acquir result merger competitor glencor alusuiss guinean govern jamaican govern suppli side highli concentr demand side integr aluminium produc market share appear countervail buyer power side aluminium smelter post merger competit price elast demand extrem low estim low custom alumina altern input produc aluminium metal custom choic short run switch supplier aluminium smelter realist convert smelter option shut accept price increas long price alumina forc smelter run actual loss smelter option continu purchas alumina cost alumina repres smelter total cost smelter profit extrem sensit alumina price rise tabl show cost item western world averag produc tonn aluminium gt tabl gt sourc jame king alumina repres smelter cost perman increas price alumina result increas total cost long profit margin smelter higher prior price increas smelter make profit increas alumina price drive smelter busi short term possibl smelter alumina spot market quantiti trade spot market small market serv import indic price negoti long term contract annual renegoti long term contract tight market supplier impos higher price push call price upper rang spread negoti higher price place explos kaiser gramerci plant juli serv illustr explos million tonn sga market equival world product western parti sale immedi explos spot market rose averag ton ton increas price continu rise reach ton decemb develop spot market impact negoti long term contract recent contract brazilian alumina supplier alunort pechinei glencor conclud lme price compar previou level cru report recent year contract conclud long term contract spread percentag point increas lme annual renegoti result increas price alumina show cutback sga surplu product price spot market multipl percentag figur larg player rais spot price significantli cutback product higher price spot market great reward small size segment pai regard long term contract merg firm posit merger induc price increas shut exist sga capac tabl show merg entiti control bottom end refineri term oper cost oper cost compris raw materi cost bauxit cost convert bauxit alumina born mind averag price alumina consumpt merchant market usd ton fob long term contract usd ton spot market gt tabl gt sourc cru gramerci ceas product juli ow explos consider doubt gramerci restart product end resum full product kaiser claim problem kaiser face gardann produc chemic grade alumina ceas product sga merg entiti control kt high cost refineri swing facil alcoa instanc st croix swing capac cut back product price low fact st croix produc sga st croix capac kt third gramerci suffici influenc spot price indirectli price long term contract gramerci shown strategi profit supplier lost profit refineri cut back product lower increas profit made refineri averag cost swing plant alcoa largest portfolio low cost refineri benefit strategi result alcoa earn increas margin sale alumina produc low cost alumina plant strategi serv purpos mean deter entri expans incumb produc expans month lead time suffici restart mothbal capac drive price make expans unprofit intern document alcoa show line reason regard st croix point comfort high cost refineri lastli alcoa reynold benefit strategi vi vi downstream rival aluminium smelt busi increas price smelter grade alumina rais cost rival vertic integr price aluminium consequ tight alumina market total profit integr compani merg entiti higher rel integr aluminium compani convei competit advantag integr compani word higher alumina price result higher aluminium price advantag integr compani parti result merger parti control high end industri cost curv top refineri lowest oper cost merg entiti control lowest highest part cost curv alumina refineri word control base load facil peak swing plant market investig carri commiss averag alumina plant oper cost usd ton alcoa averag oper cost usd ton differ cost alcoa reynold alumina refineri australia darl rang lowest cost refineri worldwid cost advantag refineri due bauxit reserv western australia consid cheapest world alcoa todai strongest presenc darl rang alcoa control wagerup pinjara kwinana refineri repres total world capac acquisit reynold bring fourth plant darl rang worslei alcoa control worslei account total world capac refineri darl rang repres total world product present product hand alcoa reynold remaind share parti joint ventur partner refineri entri expans alumina world capac product grown constantli past continu order match increas aluminium product western world aluminium consumpt expect increas kt kt increas kt order meet growth aluminium metal product sga product increas kt requir increas kt year expans capac form capac quot creep quot de bottleneck quot brownfield quot expans exist site call quot greenfield quot project greenfield project rare greenfield project concern refineri initi capac million tonn invest cost refineri roughli usd ton capit cost equal usd billion lead time year decis shipment alumina greenfield expans place alunort refineri brazil stream greenfield project report concern utkal project orissa india ownership consortium compris alcan norsk hydro indal parti claim construct begin partner consortium told commiss final decis made uncertainti financ social environment issu increas resist local indigen commun product start earliest time frame commiss assess impact potenti competit propos merger project comalco refineri comalco subsidiari london base rio tinto rtz major stake bauxit reserv weipa australia consid cheapest world weipa extrem remot area insuffici infrastructur date weipa bauxit refin situ ship refineri gladston comalco build refineri gladston malaysia decis locat made eventu decis site project approv project discuss year materialis appear comalco face dilemma decid site malaysia chosen bauxit ship long distanc ad consider transport cost refineri built gladston instal addit infrastructur face structur problem relat energi bauxit transport weipa start product mid document held commiss parti project viabl reynold state document explor expans intent stop high cost greenfield expans comalco alcoa believ greenfield invest long term alumina price usd ton normal return capit roc alcoa usd ton long term price alumina opinion alcoa million tonn brownfield expans world usd ton annum invest statement show induc price usd ton greenfield expans keep price threshold deter greenfield entri notabl project india australia malaysia comalco shown alcoa mean price induc price appli swing strategi commiss conclud uncertainti realis greenfield project constitut threat market power merg firm brownfield expans expans exist site ad capac million tonn cost usd ton lead time year experi show except alcoa backward integr major drive forc refineri expans commiss enquiri shown brownfield expans underwai intend cover intern major integr produc inhibit growth parti sale alumina western world reduc ratio merchant market alumina compar alumina product state paragraph alumina sold merchant market total product depend parti supplier reduc major western integr smelter parti opinion year major expans undertaken compani parti tabl submit parti show current statu brownfield expans western world gt tabl gt project total million ton sga parti expans project parti underwai complet schedul list project complet date specul case estim complet date fall year indal ewarton commiss account merger analysi larg expans project plan integr compani increas intern compani includ alcan share incent increas price sga parti move increas cost rival integr individu expans project enjoi firm commit expans owner refineri begin kaiser doubt financi viabil compani ormet expans burnsid refineri ton sole purpos replac current purchas merchant market hous product brazil alunort sao lui project decid case sao lui alcoa major owner refineri procedur right alcan expans option ewarton jamaica project earli stage expans million ton place stage period year take proper account factor parti higher share propos brownfield expans uncertainti parti project give parti chanc react unilater announc expans project refineri suggest parti parti posit expand refin capac control darl rang pinjarra kwinana wagerup worslei parti darl rang suitabl place world expans lowest oper cost low capit cost locat polit stabl environ parti claim signific expans plan year alcoa strategi control low end industri cost curv acquisit reynold expans profit econom point view parti plan brownfield expans doubt posit expand swiftli strateg consider suggest true kwinana expand virtual surround citi perth land expans refineri darl rang expand wagerup capac million ton state permiss expand million ton million ton expans million ton capit cost tonn usd low oper cost excel expans opportun expans opportun activ consider parti pinjarra expand million ton parti claim whilst option studi capit cost usd ton oper cost lowest world appli net present calcul project show posit net present lastli reynold worslei plant complet current expans million ton million ton expand million ton consid oper limit refineri parti opportun expand capac darl rang million ton year prime expans opportun equal half extra demand sga gener growth aluminium product warn larg brownfield expans word announc expans darl rang effect deter competitor higher oper cost polit stabil expand pinjarra fail obtain environment permit expans expans worslei requir costli conveyor belt feed bauxit refineri parti highli attract possibl expans option sao lui brazil low capit cost tonn usd ton moder oper cost forgotten parti partner refin joint ventur possibl block expans joint ventur partner make difficult alcoa ownership interest refineri refineri alcoa major interest sole ownership jamalco alcoa share situat reynold ownership interest refineri worslei friguia sherwin stade similar except guinean friguia refineri minor sharehold expans possibl member ownership consortia alcoa reynold stake born mind reynold veto right alcoa refus right veto right addit suralco surinam alcoa own stake billiton alcoa interest reduc expans refus right alcoa reynold control low high cost refineri includ expans possibl combin veto right make strategi success merg firm delai brownfield expans time close part high cost capac market tight lead supra competit price smelter grade alumina turn merg firm maintain supra competit price credibl act deter entri entri motiv inflat price level mere announc expans part merg firm impact market price alumina result expans busi plan competitor review light futur alumina price case requir return invest parti expans achiev result depress futur alumina price tabl show expect market share alcoa reynold main player includ brownfield expans expans creep commiss investig gt tabl gt tabl assum kaiser rebuild gramerci usa plant doubt industri happen kaiser financi difficulti paragraph parti put current expans possibl darl rang refineri wagerup pinjarra worslei practic meet parti demand sga year event scenario parti maintain high market share year strong indic parti oper acquir domin posit merchant market smelter grade alumina countri risk expans project theoret site competit alumina capac base attract bauxit guinea guinean bauxit regard world refineri countri friguia kimbo show circumst pechinei alcan hydro pull ventur refineri restructur technic assist ownership return industri particip view australia jamaica india brazil lead locat expans alumina product capac countri australia offer lowest countri specif risk low countri specif risk reflect lower interest rate instanc basi year bond interest rate equival interest rate india higher grant parti competit advantag main product site darl rang australia enjoi polit stabil technolog market investig carri commiss shown undertak concern impact merger refineri technolog exclud build technolog alcoa reynold technolog instanc increas yield alumina alcoa polici licens kind competitor reynold area concern relat newli develop technolog impur bauxit year worslei joint ventur develop method patent appli method successfulli plant technolog increas output alumina worslei significantli top us technolog appli place world effect darl rang equip technolog reynold posit attack alcoa domin merg alcoa remov threat gain access technolog increas cost advantag facil control alcoa increas alcoa opportun deter entri access technolog strengthen alcoa domin bid process parti claim signific number bidder opportun tender year parti recent bid parti suppli contract attract bidder ensur competit outcom fact bidder time bidder equal chanc win contract case expect alcoa past market share histor evid demonstr alcoa market share higher year standard bid situat bidder capac suppli market winner compani lowest averag cost compani lowest averag cost set bid closest rival averag cost situat closest rival lead consider loss competit bid round merg entiti set price close bidder alcoa distinguish sga market standard bid model fact supplier constrain capac market balanc supplier sell product parti claim consequ market situat price tender close averag cost bidder highest cost low cost produc forsak higher profit submit bid close nearest rival commiss accept market scenario alcoa tender place year bidder account bid submit rival bid involv darl rang plant wagerup pinjarra alcoa worslei reynold produc approxim level cost price set competit tender firm set price level lower set situat high cost bidder particip prior merger reynold punish suffici capac repli capac constraint affect degre competit wai capac constrain firm incent deviat competitor low extra capac gain undercut rival particip bid chanc impos impress threat retali potenti deviat merger result elimin effici activ potenti bidder increas equilibrium price bid round darl rang plant close involv final effect increas averag bid price merger reynold million tonn sale merchant market tonnag sold reynold ton particip call tender equival merchant market parti claim influenc reynold limit quantiti commit influenc futur bid mean singl opportun reynold succe fourth bid case reynold posit price winner bid reynold account decid bid price worslei chanc expand ton brownfield expans tonnag submit bid expans commit fact expans commit work begin illustr billiton bid suppli contract alouatta billiton offer ton brownfield expans project worslei won bid alcoa cif price slightli fob averag market price fob billiton win alcoa bid expans place worslei lowest cost refineri world show matter darl rang refineri part tender remov reynold competitor result higher price long term contract long term supplier market particip voic concern reduct potenti long term supplier suffici quantiti sga custom sga smelter import sourc singl sourc alumina view long term supplier capabl suppli tonn year parti produc sga surplus greater parti list kaiser glencor falco guinean govern jamaican govern result market investig shown supplier regard reliabl long term supplier kaiser reliabl long term supplier parti custom uncertainti gramerci plant rebuilt glencor foremost trader consid reliabl supplier glencor sourc part alcoa regard independ regard indian supplier falco report falco sign medium term contract year predominantli indian chines smelter jamaican govern consid reliabl supplier prefer medium term contract year contract glencor alcoa refus right alumina expans account surplu addit total capac exce million ton year venezuela small quantiti alumina commiss market investig enterpris venezuela quot polit riski quot guinean govern consid unreli long term supplier polit instabl propos merger reduc number reliabl long term supplier quantiti ton potenti long term supplier produc surplu alumina act alumina market trader billiton pechinei forgotten depend larg extent purchas alcoa reynold trade activ conclus take consider factor commiss consid propos merger creat domin posit merchant market smelter grade alumina sga commod alumina hydrat product market definit explain paragraph product smelter grade alumina requir stage digest clarif precipit calcin bauxit combin caustic soda solut high temperatur pressur digest clarif stage impur residu separ melt filter process liquid call liquor pump enchant cool alumina precipit liquor crystal alumina hydrat process call quot seed quot liquor mix small quantiti previous precipit alumina hydrat solid alumina hydrat intermedi product chemic combin water drop liquor liquor cool product aluminium hydroxid remov stage process calcin alumina product remov stage commod alumina hydrat aluminium hydroxid dri elimin water surfac crystal calcin elimin water crystal alumina result process calcin alumina nineti cent calcin alumina smelt aluminium metal call metallurg smelter grade alumina sga remain calcin alumina make alumina oxid tabular alumina alumin cement mullit chemic product alumina oxid exhibit product characterist high temperatur resist chemic resist mechan resist electr resist commod alumina hydrat call commod hydrat alumina trihydr ath aluminium tri hydroxid calcin remov intermedi product sga product process wet cake form quot wet filter cake quot quot wet hydrat quot typic dri make commod alumina hydrat standard product process individu custom specif commod alumina hydrat chemic grade alumina cga product wet dry commod alumina hydrat stage commod product interchang small nich segment hydrat product glass technic reason dry hydrat commod alumina hydrat sold custom number end applic includ raw materi product industri chemic aluminium sulphat water purif paper product titanium dioxid aluminium chlorid catalyst organ chemistri aluminium fluorid smelter part smelter bath cement synthet zeolit molecular siev petrochem crack household deterg commod alumina hydrat feedstock product quot special hydrat quot special hydrat made smaller volum commod hydrat requir addit manufactur step expertis special hydrat manufactur process grind mechan crush give coars particl size digest precipit dissolv hydrat caustic solut special process step precipit hydrat coat mix ground precipit hydrat chemic give chemic coat special hydrat sold end applic commod alumina hydrat applic includ fire retard filler plastic industri fill coat applic paper industri absorb catalyst soft polish applic investig carri commiss led conclus commod alumina hydrat raw materi product industri chemic aluminium sulphat aluminium chlorid aluminium fluorid cement synthet zeolit form distinct product market grade type alumina suppli side consider suppli side substitut commod alumina hydrat low alumina refin capabl suppli ow focu metallurg alumina refin mechan instal intercept commod hydrat filter calcin produc commod alumina hydrat high level residu bauxit organ compound make unsuit chemic process technic point view feasibl switch product simpli process hydrat alumina calcin typic result substanti logist problem alumina store silo commod alumina hydrat due high water content requir special storag logist system addit dryer requir order produc dry hydrat main supplier commod alumina hydrat eea alcoa reynold vaw pechinei market investig shown increas price commod alumina hydrat induc entri justifi opportun cost capit invest increas capac incumb supplier result small transitori price increas capac increment alumina product heavi costli increas price commod alumina hydrat defeat divert sga product hydrat smelter run full capac aluminium produc incur signific cost penalti divert sga capac meet increas commod alumina hydrat price back integr aluminium produc forgo sale primari aluminium sell higher price type alumina idl smelt asset fix cost substanti reason supra competit price commod alumina hydrat divers sga product altern increas capac alumina refineri entail signific invest cost short medium term price increas commod hydrat profit demand side consider mention paragraph commod alumina hydrat product industri chemic sold manufactur industri chemic standard product process individu specif manufactur type commod alumina hydrat differ particl size morpholog white water content alumina content impur basic product commod alumina hydrat quot inter alia quot product aluminium sulphat hydrat mix reactor sulphur acid pour dry trai product solid aluminium sulphat dilut de mineralis water product aluminium sulphat solut aluminium sulphat drink water industri low heavi metal content utmost import clarifi municip industri water suppli paper industri low iron content vital ensur white ow environment legisl demand aluminium sulphat increas year aluminium fluorid base commod alumina hydrat feedstock treat fluorosilic acid fluorspar hf dry method liquid hf wet method aluminium fluorid utilis make ingredi molten cryolit bath emploi electrolyt reduct alumina aluminium metal hall héroult process demand aluminium fluorid constantli increas aluminium chlorid produc action chlorin molten aluminium metal carbonis commod alumina hydrat aluminium chlorid catalyst organ chemistri aviat ga isomeris manufactur ethyl chlorid butyl rubber dye precursor deterg polym pigment product wool process paper size commod alumina hydrat product zeolit ingredi deterg deterg industri product process commod alumina hydrat dissolv caustic soda mix liquid silic zeolit crystallis mixtur step crystallis filtrat dry year legisl restrict phosphat deterg boost demand zeolit phosphat builder million ton manufactur product respond commiss market investig technic reason replac commod alumina hydrat product product process conclus product market definit basi preced point commiss reach conclus separ product market compris commod alumina hydrat product industri chemic geograph market definit geograph market sga regard worldwid geograph scope commod alumina hydrat limit comparison sga handl logist commod alumina hydrat differ substanti custom commod hydrat chemic plastic industri requir time deliveri small lot deliv econom long distanc commod alumina hydrat water make difficult costli transport long distanc import commod alumina hydrat eea subject duti except acced countri enter european agreement commod alumina hydrat refin capac hungari produc ajka export small quantiti commun landlock ad consider transport cost commod hydrat transport long distanc parti worldwid transport cost add final sell price commod alumina hydrat export import eea present minor import record eea total eea consumpt geograph market commod alumina hydrat appear wider eea commod alumina hydrat trade world lesser extent sga comment parti north american european market separ logist cost tariff market investig show eea custom purchas commod alumina hydrat eea product plant alcoa ship commod alumina hydrat eea order sell eea custom import phase alcoa acquisit inesp alumina product plant san ciprian spain alcoa sold commod hydrat produc eea plant kaiser decid ceas commod alumina hydrat export europ account high logist cost reason state geograph market commod alumina hydrat appear wider eea competit assess commiss receiv complaint come sector commod alumina hydrat product industri chemic concern express complain merger realiti creat singl supplier commod alumina hydrat dictat price quantiti sold find altern supplier output produc insuffici meet manufactur demand commod alumina hydrat product industri chemic parti market share commod alumina hydrat worldwid level eea nearest competitor pechinei market share eea wide level alusuiss vaw alcan market share worldwid nearest competitor kaiser alcan nlm pechinei sumitomo gt tabl gt eea market commod alumina hydrat supplier alcoa reynold pechinei alusuiss vaw alcan alcoa reynold commod alumina hydrat supplier insignific part total eea commod alumina hydrat market custom locat northern europ supplier commod alumina hydrat alcoa reynold pechinei vaw alcan market commod alumina hydrat consolid result merger alcan alusuiss market share major respond commiss market investig claim highli supplier commod alumina hydrat locat eea offer product custom eea supplier commod alumina hydrat place usa japan suppli commod alumina hydrat econom eea custom supplier locat eastern europ ajka hungari constrain high logist fee lack suffici storag facil deliveri destin addit qualiti eastern european commod alumina hydrat consid eea base custom inadequ high market share merg parti indic market power commod alumina hydrat market examin result merger relev factor high combin market share confirm propos oper lead creation domin posit held merg parti market commod alumina hydrat forego product market analysi consider price increas commod alumina hydrat defeat reaction supplier alumina grade replac commod alumina hydrat product conclud suppli demand side substitut occur short medium term parti mention kaiser gramerci plant usa recomm product year potenti supplier eea commod alumina hydrat respond market investig doubt date reopen gramerci possibl export commod alumina hydrat eea doubt found kaiser request independ consult carri studi evalu econom impact kaiser market sell commod alumina hydrat europ light studi conclus market survei logist cost kaiser decid start project strong basi build long term presenc europ market structur commod alumina hydrat high invest cost potenti entrant entri commod alumina hydrat supplier eea addit duti import commod alumina hydrat eea high logist cost constitut barrier entri commiss market investig reveal import commod alumina hydrat eastern central europ eea market highli reason substanti logist cost link transport commod alumina hydrat fact eastern central european plant potenti supplier face capac constraint final signific number custom mention qualiti commod alumina hydrat plant inadequ merg entiti market power strengthen fact signific number small custom commod alumina hydrat downstream market parti inform biggest custom purchas ton commod alumina hydrat sale total eea commod alumina hydrat consumpt million ton custom purchas substanti smaller quantiti mention paragraph altern materi replac commod alumina hydrat product industri chemic custom downstream market countervail bui power face monopolist structur alcoa reynold dictat quantiti price commod alumina hydrat conclus basi commiss conclud notifi oper result creation domin posit eea market commod alumina hydrat high puriti aluminium relev product market primari aluminium produc vari level puriti divid gener categori high puriti standard puriti standard puriti metal degre puriti primari aluminium ingot determin level impur silicon iron total metal content primari aluminium aluminium silicon iron refer high puriti aluminium high puriti aluminium content silicon iron impur content pure aluminium approxim aluminium aerospac defenc applic market investig high puriti aluminium constitut distinct separ product market standard aluminium grade high puriti aluminium demand point view raw materi manufactur high puriti aluminium alloi specif mechan properti lightweight durabl fractur resist requir alloi aerospac aviat industri aluminium lithium alloi high puriti aluminium alloi seri alloi princip product bulkhead select engin part extern fuel tank aircraft spaceship market investig show high degre rigid demand fact ow physic characterist mechan properti price differ substitut aerospac end higher lower puriti grade aluminium hand higher puriti aluminium expens suitabl higher ad applic electron cd capacitor hand lower puriti aluminium level impur make unsuit aerospac alloi buyer activ manufactur aerospac alloi state possibl switch raw materi metal aluminium high puriti aluminium event small signific transitori increas price demand viewpoint commiss consid substitut product aerospac alloi aluminium lithium alloi constitut separ distinct product puriti grade aluminium metal suppli viewpoint merg parti argu high degre suppli side substitut product aluminium gener product grade high puriti aluminium access aluminium smelter world market investig confirm view fact shown smelter produc lower grade aluminium readili rapidli shift produc order consist long term supplier product shift year smelter produc grade high puriti long term consist supplier convers work practic order achiev minimum viabl scale product larg quantiti constant fine tune product qualiti undertaken long period time commiss question smelter produc likelihood enter market result small signific transitori increas price smelter repli posit consequ smelter produc standard aluminium consid part market smelter produc high puriti aluminium higher lower grade puriti shift result small signific transitori increas price smelter technic capabl produc econom incent aluminium higher puriti command higher margin premium abandon sake shift product convers cost se consider sens smelter equip produc high puriti aluminium point feeder comput control oper cost convers exce revenu adjust actual yield signific price increas cru report high puriti aluminium smelter decid dedic product high puriti capit cost requir vari consider depend technolog equip emploi smelter oper cost smelter shift estim rise approxim usd smelter point feeder comput control addit capit cost usd instal repip usd lost product profit convers take place basi addit oper cost yield convers unprofit addit return convers usd extra oper cost usd smelter present produc puriti grade convert econom incent price increas significantli smelter told cru quot consciou decis attempt produc high puriti aluminium cost benefit analysi quot reason market actual convers smelter recent year commiss question smelter produc high puriti aluminium necessarili larg consist quantiti limit quantiti product state result small signific transitori increas price shift high puriti aluminium product smelter occasion produc product effici oper instanc product envisag increas streamlin output reason cite small demand compar disproportion invest term financ time human resourc work method high oper cost smelter base usa state short run unwork increas product event price increas ow current environment regul discourag expans aluminium higher degre puriti part market basi forego commiss consid aluminium part standard aluminium market part high puriti aluminium market conclus market aluminium constitut distinct separ relev product market relev geograph market standard primari aluminium high puriti aluminium trade worldwid basi princip end user aerospac industri trade flow place commun north america major manufactur aerospac alloi custom base locat geograph market narrow world cru report market high puriti aluminium necessarili typic region highli depend consumpt cycl region suppli demand cru note quot time market interregion global natur quot consum high puriti aluminium typic prefer sourc suppli smelter close order save freight cost depend local demand region premium place time consum forc sourc supplier normal oper region order limit freight cost buyer seller high puriti aluminium swap metal consum purchas metal seller australia deliv metal produc smelter close normal oper region commun desir oper limit long distanc transport trade flow world born market investig commiss consid worldwid geograph market aluminium competit assess commiss investig account complaint lodg mccook metal hereinaft quot mccook quot mccook reynold plant locat mccook illinoi sold reynold mccook activ product aluminium alloi aerospac industri end mccook purchas make aluminium lithium alloi aerospac alloi market downstream market mccook compet alcoa lesser extent centuri aluminium recent acquir pechinei prior merger mccook sourc suppli reynold result merger mccook claim merg firm abil incent restrict output increas price mccook limit foreclos mccook abil compet alcoa sale aluminium lithium plate high puriti alloi aerospac defenc industri oper result vertic integr alcoa acquir reynold mccook supplier activ downstream market aerospac aluminium lithium alloi consequ assess advers competit effect aris oper question relev assess propos oper market vertic relat market aerospac aluminium lithium alloi consid virtu market power held upstream market merg firm posit acquir strengthen domin posit suppli consid virtu posit downstream market aerospac aluminium lithium alloi merg firm posit foreclos substanti part market compet independ supplier aerospac aluminium lithium alloi mccook merg parti mccook undertak product activ relat aluminium lithium aerospac alloi carri effect merger market subsequ product suppli aluminium lithium aerospac alloi fall commiss review enforc jurisdict merger aerospac alloi worldwid market commun integr part point view effect merger commun territori note ministri defenc member state individu aerospac industri consortia programm eu airbu partner fokker aerostruktur eurofight european space agenc arian programm sonaca suppli contract mccook alcoa relat aerospac alloi made shown ow fact oper give rise domin effect propos concentr end user consum commun substanti forese direct actual competit market investig conclud difficult calcul share capac product main aluminium analyst cru jame king calcul market share basi standard aluminium smelt capac give estim product capac high puriti aluminium level puriti figur whatsoev degre puriti includ proxi order assess signific market posit merg parti product suppli practic firm world sell larg quantiti consist basi manufactur aerospac aluminium lithium alloi basi histor data firm suppli manufactur reynold southwir locat produc respond tender launch mccook august octob proxi bid pattern mccook tender reynold approxim market firm commit long term suppli contract southwir notifi parti identifi firm addit reynold sell parti southwir ormet noranda dubal dubai comalco australia pechinei franc asahan indonesia kaiser ownership valco smelter locat ghana africa commiss compani actual reliabl long term supplier reason outlin paragraph mention paragraph mccook launch worldwid invit tender hereinaft quot mccook solicit quot long term suppli contract reynold southwir give quotat long term suppli agreement firm queri unabl unwil suppli mccook alcan posit suppli consum product intern alouatta joint ventur hoogoven vaw answer product captiv bharat aluminium own govern india respond mccook locat export rang billiton produc commit comalco respond unabl commit long term suppli agreement make spot sale dubal respond neg capac constraint product mix glencor metal trader provid quotat trader barclai capit sumitomo novarco kaiser produc valco ghana output prefer ship commun preferenti import regim noranda express interest spot sale ormet give quotat pechinei world trade usa produc come year tomago gore aluminium joint ventur vaw produc parti contest credibl solicit result argu mccook solicit place mccook reynold sign suppli agreement result solicit supplier approach mccook solicit commiss agre parti parti assum supplier approach awar individu suppli contract reynold mccook evid brought commiss attent notifi parti market investig assum solicit supplier knowledg contract mccook reynold possibl contract cover mccook requir mccook solicit addit quantiti materi corrobor fact supplier repli mccook solicit refus statement inabl suppli specif propos durat mccook reynold contract limit year prospect mccook supplier period encourag solicit supplier contract give mccook quotat reason commiss consid mccook solicit constitut factual element account assess concentr relat high puriti aluminium market investig commiss confirm citat actual supplier southwir noranda respond request inform market investig fact establish actual produc capabl produc suppli long term basi russian smelter indonesian produc asahan incent technic abil produc consist basi alouatta fact produc high puriti aluminium intern consumpt produc aluminium puriti ormet state sell quot quot basi show unwilling commit long term product ormet intent expand current product parti claim contractu relationship alcoa valco produc high puriti aluminium level billiton produc small quantiti commit dubal largest capac product high puriti aluminium produc ad high puriti product fact dubal produc japanes electron industri cd capacitor alcan pechinei produc consum intern posit commit long term product coru produc high puriti aluminium level firm identifi parti capabl produc small quantiti product produc sell suffici quantiti reliabl make long term supplier southwir produc produc suppli southwir high puriti alumina suppli kaiser gramerci refineri explos gramerci southwir face feedstock difficulti find altern supplier high puriti alumina possibl depend alcoa alumina requir parti state suppli smelter past notabl compani refer preced paragraph reynold purchas spot quantiti precis suppli mccook time temporari shortag parti argu merger lead domin posit mccook foreclos result merger compani cover suppli requir commiss spot purchas made merg parti substitut long tem suppli relationship point view manufactur aluminium alloi compet bid market aerospac applic merg parti purchas small amount irregular basi reason offset temporari imbal product intern contractu commit make trade profit freight save contrari compani compet downstream market aerospac alloi possibl afford pai higher spot price suppli small fragment quantiti irregular basi instanc differ qualiti stem spot purchas smelter uncertainti suppli damag posit contractor aerospac contract commiss smelter produc small quantiti product standard aluminium product actual competitor market smelter guarante steadi long term suppli suffici quantiti engag signific invest smelter produc larg amount consist basi product gener produc fix proport primari aluminium produc smelter amount produc product increas product grade aluminium product increas price increas warrant increas aluminium product smelter small proport aluminium produc smelter gener demand grade aluminium econom feasibl increas product grade aluminium order produc competit respons merg firm increas price refus sell mccook southwir southwir bidder reynold mccook solicit long term suppli contract event supra competit price increas refus merg firm suppli mccook southwir rais price supra competit level absenc altern competit supplier addit southwir incent enter long term suppli agreement mccook question alcoa major supplier southwir alumina southwir disturb suppli relationship alcoa suppli mccook competitor alcoa aerospac alloi basi forego reynold southwir actual competitor produc suppli larg consist quantiti long term contract potenti competit barrier entri parti argu aluminium produc view potenti supplier event supra competit increas price market investig shown entri barrier make entri market appli smelter produc aluminium degre puriti small quantiti smelter produc high puriti aluminium commiss assess entri prospect smelter produc intern smelter produc high puriti grade result assess commiss consid smelter produc suppli larg consist amount parti dubal commiss possibl switch product expand parti sale respons price increas billiton present produc easili produc sell addit invest billiton suggest switch small portion aluminium product produc price product increas ormet product supplier small quantiti spot market expand parti sale matter rel price increas kaiser valco ghana smelter price rise suffici high compens preferenti trade regim enjoi export commun generalis system prefer case rel price increas close final alcan commiss produc sell quantiti parti alcan suggest increas approxim price induc begin produc sale parti alcan bring smelter alma quebec high puriti metal quantiti commiss aluminium produc constitut credibl potenti threat merg firm market posit except alcan remain player possibl start produc suppli event price increas commod market aluminium major supplier influenc market price output decis price increas consid supra competit addit propos concentr rais vertic issu stem merg firm activ upstream market downstream aerospac aluminium alloi market case prospect potenti competitor step market event supra competit price increas effect sanction merg firm price output decis unlik classic horizont overlap case parti fear lose mccook custom event defeat supra competit price increas refus sell contrari prefer mccook pai higher price potenti competitor suffer lack suppli case effect make mccook competit downstream aerospac alloi market lastli market price prevail merger supra competit level compar merger alcan requir increas price produc parti sale commiss alcan genuin potenti entrant fact alcan plan integr vertic downstream aerospac alloi market earn market share incumb alcoa mccook highli alcan commit suppli mccook long term contract categori smelter consid potenti competitor produc standard puriti aluminium smelter readili start produc larg consist quantiti term econom incent price rise order recoup invest requir commit smelter product modern smelter initi obtain yield high puriti aluminium year convers mention preced paragraph premium potenti entrant obtain offset minimum oper cost product addit oper cost constraint commit term work disciplin train personnel act disincent point parti argu take convert smelter product fine tune product process remov cathod pot earlier iron pin contact bath throw floor sweep pot case standard aluminium product similar measur aluminium produc repli commiss questionnair state invest heavier financi term work practic instanc intang invest train personnel organis work method practic consid potenti supplier highest barrier disincent entri alcoa conduct natur experi eastalco smelter maryland unit state smelter produc recent year convert pot standard aluminium month parti point repres eas speed convers smelter product commiss eastalco repres busi realiti specif smelter activ product past year facilit convers significantli relev equip work method importantli experi smelter smelter produc hundr smelt pot longer month smelter produc past produc substanti quantiti convert smelt pot thirdli fact smelter produc small amount limit number pot equival long term supplier larg quantiti explain preced paragraph small experiment scale product aim spot market consid reliabl sourc suppli buyer activ downstream aerospac market basi forego commiss consid prospect potenti competit market low constrain market power merg firm acquir market excess product capac prospect entri market deter merg parti excess capac cru estim excess capac grade aluminium held worldwid firm capabl produc high puriti aluminium grade puriti merg firm capac alcan asahan kaiser remain firm excess capac disproportion small amount excess capac held competitor merg firm reflect rel inabl increas output result supra competit price increas support view parti excess capac strateg barrier entri credibl threaten increas output order make entri unprofit barrier entri merg firm control alumina suppli barrier entri order discourag smelter compet market analysi sga market conclud merg firm domin produc supplier alumina sold parti alumina kei input smelter control input act disincent produc entri market dubal characterist respect dubal depend alcoa alumina requir state price increas shift product prefer alcoa trade arm sell statement reflect dubal reluct suppli competitor alcoa aerospac alloi market parti suggest purchas bui blend quantiti higher lower puriti aluminium instanc order eventu obtain technic feasibl commiss regard econom viabl altern blend result cost penalti blender blend disproportion reach level puriti part part cost incid order addit blend metal puriti increas blender logist cost addit transport handl storag cost oper cost energi labour melt blend metal final importantli blend reduc competit manufactur aerospac aluminium alloi reliabl supplier due fact aerospac alloi manufactur recours fragment sourc raw materi complic accredit qualif aerospac custom consequ fact aluminium roll mill produc standard downstream product beverag stock lithograph sheet recours blend relev manufactur aerospac alloi degre reliabl origin qualiti raw materi aircraft make blend option creation domin posit market basi analysi commiss consid propos concentr effect chang output incent activ actual supplier reynold result merger merg firm act independ competitor southwir custom mccook increas price refus sell case price increas supra competit level event merg firm rais price southwir depend merg firm alumina suppli compet aggress merg firm price follow price increas event merg firm refus sell southwir charg supra competit price present market merg firm control suppli condit commiss consid concentr creat domin posit held merg parti result effect competit significantli imped market vertic effect market aerospac aluminium alloi domin posit creat market meaning light fact downstream aerospac aluminium alloi market alcoa compet mccook alcoa mccook contractor depart defenc main supplier aerospac alloi aerospac manufactur result merger vertic integr alcoa reynold rais mccook cost drive aerospac aluminium alloi market extract monopoli rent downstream aerospac alloi aerospac alloi market bid market bid organis govern privat contract past mccook success bidder reliabl competit price suppli reynold merger merg firm rais mccook input cost price aerospac alloi ultim result increas price aerospac alloi assum mccook ad process aerospac alloi larg mccook accept supra competit price remain competit bid process buyer aerospac alloi pai higher price altern merg entiti decid suppli mccook quit aerospac alloi market case merg firm remain supplier downstream market aluminium alloi charg monopoli price case buyer aerospac alloi wors pai higher monopoli price parti argu exclud mccook downstream aerospac alloi market entri induc market motiv higher monopoli price aerospac alloi higher aerospac alloi price induc entri market signific barrier entri signific barrier potenti entrant limit avail suppli result creation domin posit market assum potenti entrant aluminium produc undertak integr backward produc major technolog barrier aerospac alloi market make entri characterist alcoa establish produc aerospac alloi receiv technic assist aircraft manufactur lockhe martin order overcom technic difficulti potenti entrant lack alcoa resourc experi substanti assist establish aerospac alloi market domin posit market merg firm restrict suppli rais competitor cost price downstream aerospac alloi market case merg firm foreclos competitor downstream market main supplier aerospac alloi vertic integr lead foreclosur benefit integr merg firm whilst damag integr mccook product effici maintain consum surplu welfar impair conclus basi forego analysi commiss consid propos concentr result creation domin posit held parti market elimin reynold market rise southwir domin supplier result foreclosur competitor mccook downstream market aerospac alloi iv commit propos notifi parti march notifi parti offer commit remov competit concern identifi commiss statement object march discuss commiss offici subsequ market test undertak improv commun commiss april commit serv obviou clear cut solv competit problem market test consult member state place short time situat commiss consid notifi parti compli oblig articl commiss regul assess order assess part decis propos undertak attach decis form integr part smelter grade alumina period date decis alcoa propos divest reynold stake australian darl rang refineri quot worslei quot period date decis alcoa propos divest reynold stake refineri stade germani commiss approv suitabl buyer time period alcoa give irrevoc mandat truste effect divestitur addit time period worslei expand million ton product capac reynold million ton sga stake stade refineri repres ton sga product propos divestitur amount million ton sga reynold sga sale merchant market amount million ton assess propos undertak elimin overlap level lowest cost alumina refineri suffici remedi competit concern sga merchant market capac divest consider current tonnag sga sold reynold merchant market dispos reynold stake worslei alcoa sell refineri enjoi lowest oper cost world good expans opportun ton ton locat geograph area low countri risk sum undertak propos capabl restor level competit exist merger commod hydrat order elimin commiss competit concern notifi parti submit march formal undertak divestitur reynold interest stake aluminium oxid stade gmbh owner plant german enterpris vaw refus reynold stade interest alcoa assign reynold stade interest toll manufactur agreement stade refineri newco compani form hold interest alcoa divest sharehold newco independ parti approv commiss alcoa divest parti reynold european commod alumina hydrat busi includ custom list contract right conduct busi present state parti purchas toll process suffici bauxit stade produc ton commod alumina hydrat annual alcoa undertaken enter bauxit suppli contract acquir reynold stade interest bauxit suppli contract cover bauxit requir acquir toll convers stade refineri price term alcoa exist contract compani de bauxit de guiné give buyer access bauxit ident price present reynold stade refineri enter quot pai quot oblig undertak remov identifi competit overlap address concern express parti commiss investig case high puriti aluminium alcoa sell purchas approv commiss undivid interest asset longview washington smelter divestitur alcoa purchas oper longview cost share product share unincorpor joint ventur ventur separ independ market share aluminium output alcoa grant purchas preferenti right aluminium share longview aluminium product final alcoa assign purchas reynold contractu oblig mccook metal llc suppli unalloi aluminium ingot assess longview smelter smelter reynold present make larg major reynold product mccook undertak consid suffici remov competit problem identifi high puriti aluminium market divest equiti stake equival ton total product ton volum larger mccook current annual demand ton larger ton current mccook contract reynold bui maximum volum confer purchas ton aluminium expect competit condit level market maintain merger addit competit downstream aerospac alloi market foreclos larg amount divest capac capabl respond potenti growth demand downstream basi commiss consid propos undertak suffici remov competit problem identifi statement object march conclus propos commit undertak submit parti consid adequ solv competit concern identifi commiss statement object march adopt decis articl concentr alcoa acquir mean articl regul eec control undertak reynold metal compani declar compat common market function eea agreement articl authoris subject full complianc alcoa commit paragraph formal set undertak annex hereto articl decis address alcoa isabella street pittsburgh pa usa mr kurt waldo esq assist gener counsel brussel commiss mario monti member commiss oj correct version oj oj oj turnov calcul accord articl merger regul commiss notic calcul turnov oj extent figur includ turnov period januari calcul basi averag ecu exchang rate translat eur basi case iv gencor shell decis august oj iv alcoa inesp decis octob oj london metal exchang part text edit ensur confidenti inform disclos part enclos squar bracket mark asterisk sourc market alumina current trend futur prospect jame king octob estim dr kahwati lecg februari sourc footnot sourc quot world capac market report primari aluminium quot jame king august sourc cru report aluminium cost servic alumina refin cost page web site kaiser displai photograph show preparatori construct work carri scaffold report press mine safe health administr msha begin crimin investig explos endang pai insur capit need fund project kaiser obtain environment permit louisiana depart environment qualiti note quot kt quot mean kilo ton thousand ton quot mt quot mean metric ton million ton bauxit natur miner or aluminium oxid mine bauxit refin extract alumina cru cheapest bauxit world express dollar usd ton guinea friguia belong govern usd australia gove belong alusuiss usd india belgaum belong alcan indalco usd darl rang mine averag usd averag price usd expens bauxit world greec usd alcoa ownership interest darl rang refineri entitl alumina produc commod hydrat calcin alumina process sga refer quot metallurg quot alumina rememb alumina refineri smelter run full capac utilis refer thermodynam stabil comp standard primari aluminium design iron silicon impur note due product process product likelihood environment hazard increas gaseou emiss high compani affili asset commun territori commiss enforc articl merger regul place firm legal oblig answer formal request inform lack jurisdict smelter order custom locat smelter pai freight incent custom purchas produc smelter locat closer custom reynold suppli mccook produc southwir smelter kentucki silicon iron mix mixtur silicon mixtur iron ratio need obtain obtain formula assum pound pound purchas silicon obtain solv equat solv equat oj annex full english text commit refer articl consult commiss websit http europa eu int comm competit index 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