The Finnish Competition and Consumer Authority (FCCA) announced on February 5, 2026, that it has initiated further proceedings regarding Tibnor AB’s proposed acquisition of Ovako Metals Oy Ab. The decision follows a preliminary review suggesting that the merger could significantly alter the competitive landscape of the Finnish steel industry, particularly within the stainless steel distribution sector.
Tibnor, a subsidiary of the SSAB Group, and Ovako Metals, which operates under the Nippon Steel Corporation Group, both maintain a strong presence in the wholesale of flat stainless steel in Finland. Their operations include the distribution of uncut stainless steel plates and sheets, while Tibnor additionally provides specialized pre-processing services such as slitting and cutting-to-length for steel coils. Beyond stainless steel, both entities are major distributors of various other steel grades and metals nationwide.
The FCCA’s initial findings indicate that the transaction would consolidate two of the market’s most prominent wholesalers. This merger is expected to position Tibnor as the clear market leader, potentially granting it a level of market power that could lead to harmful competitive effects. The regulator expressed specific concern regarding how this dominance might impact pricing and availability within the flat stainless steel distribution market.
Under Finnish competition law, the second-phase investigation allows for a more rigorous assessment of the merger’s long-term impact. The FCCA now has a maximum of 69 working days to conclude its inquiry, with a deadline for the follow-up report currently set for May 19, 2026. If necessary, the Market Court holds the authority to extend this period by an additional 46 working days.
At the conclusion of this phase, the FCCA will determine whether to approve the acquisition in its current form, demand specific structural or behavioral conditions to mitigate competitive risks, or petition the Market Court to block the transaction entirely. For now, the deal remains on hold as regulators scrutinize whether the benefits of the acquisition outweigh the potential for market distortion.