%PDF-1.2 %âãÏÓ 10 0 obj << /Length 11 0 R >> stream BT 432 708.48 TD 0 0 0 rg /F0 12 Tf 0 Tc 0 Tw (991 0281) Tj -214.32 -14.16 TD (UNITED STATES OF AMERICA) Tj -30.96 -14.16 TD (BEFORE FEDERAL TRADE COMMISSION) Tj -114.72 -42.24 TD /F1 12 Tf (________________________________________________) Tj 288 -14.16 TD (\)) Tj -288 -14.16 TD (In the Matter of ) Tj 288 0 TD (\)) Tj 0 -14.16 TD (\)) Tj -252 -14.4 TD /F0 12 Tf (RHI AG) Tj 43.68 0 TD /F1 12 Tf (,) Tj 208.32 0 TD (\) ) Tj 10.32 0 TD /F0 12 Tf (Docket No. C-4005) Tj -262.32 -14.16 TD /F1 12 Tf (a corporation.) Tj 144 0 TD ( ) Tj 108 0 TD (\)) Tj -288 -14.16 TD (________________________________________________\)) Tj 196.8 -56.88 TD /F0 12 Tf (COMPLAINT) Tj -160.8 -28.08 TD /F1 12 Tf (The Â鶹´«Ã½ Trade Commission \() Tj -1.68 Tc (\223) Tj 0 Tc (Commission) Tj -1.44 Tc (\224) Tj 0 Tc (\), having reason to believe that RHI AG) Tj -36 -14.16 TD (has agreed to acquire Global Industrial Technologies, Inc., both corporations subject to the) Tj 0 -14.16 TD (jurisdiction of the Commission, in violation of Section 7 of the Clayton Act, as amended, 15) Tj T* (U.S.C. \247 18, and Section 5 of the Â鶹´«Ã½ Trade Commission Act \("FTC Act"\), as amended, 15) Tj T* (U.S.C. \247 45; and it appearing to the Commission that a proceeding in respect thereof would be in) Tj T* (the public interest, hereby issues its Complaint, stating its charges as follows:) Tj 184.8 -42.72 TD /F0 12 Tf (I. RESPONDENT) Tj -148.8 -28.08 TD /F1 12 Tf (1.) Tj 36 0 TD (Respondent RHI AG \() Tj -1.68 Tc (\223) Tj 0 Tc (RHI) Tj -1.44 Tc (\224) Tj 0 Tc (\) is a corporation organized, existing and doing) Tj -72 -14.16 TD (business under and by virtue of the laws of Austria with its principal executive offices located at) Tj 0 -14.16 TD (Mommsengasse 35, A-1040 Vienna, Austria. ) Tj 36 -28.32 TD (2.) Tj 36 0 TD (Respondent is engaged in, among other things, the research, development,) Tj -72 -14.16 TD (manufacture, sale, and distribution of refractory bricks used in structures and equipment related to) Tj 0 -14.16 TD (the production of steel.) Tj 36 -28.32 TD (3.) Tj 36 0 TD (For purposes of this proceeding, Respondent is, and at all times relevant herein has) Tj -72 -14.16 TD (been, engaged in commerce as ) Tj -1.68 Tc (\223) Tj 0 Tc (commerce) Tj -1.44 Tc 1.44 Tw (\224 ) Tj 0 Tc 0 Tw (is defined in Section 1 of the Clayton Act, as) Tj 0 -14.16 TD (amended, 15 U.S.C. \247 12, and is a corporation whose business is in or affecting commerce as) Tj 0 -14.4 TD -1.68 Tc (\223) Tj 0 Tc (commerce) Tj -1.44 Tc 1.44 Tw (\224 ) Tj 0 Tc 0 Tw (is defined in Section 4 of the FTC Act, as amended, 15 U.S.C. ) Tj 362.64 0 TD /F0 12 Tf (\247 ) Tj 9.12 0 TD /F1 12 Tf (44.) Tj ET endstream endobj 11 0 obj 2747 endobj 4 0 obj << /Type /Page /Parent 5 0 R /Resources << /Font << /F0 6 0 R /F1 8 0 R >> /ProcSet 2 0 R >> /Contents 10 0 R >> endobj 13 0 obj << /Length 14 0 R >> stream BT 302.88 74.88 TD 0 0 0 rg /F1 12 Tf 0 Tc 0 Tw (2) Tj -87.12 619.44 TD /F0 12 Tf (II. THE ACQUIRED COMPANY) Tj -107.76 -28.08 TD /F1 12 Tf (4.) Tj 36 0 TD (Global Industrial Technologies, Inc. \() Tj -0.24 Tc (\223Global) Tj -1.44 Tc (\224) Tj 0 Tc (\) is a corporation organized, existing) Tj -72 -14.16 TD (and doing business under and by virtue of the laws of Delaware with its office and principal place) Tj 0 -14.16 TD (of business located at 2121 San Jacinto Street, Suite 2500 Dallas, Texas, 75201. ) Tj 36 -28.32 TD (5.) Tj 36 0 TD (Global is engaged in, among other things, the research, development, manufacture,) Tj -72 -14.16 TD (sale, and distribution of refractory bricks used in structures and equipment related to the) Tj 0 -14.16 TD (production of steel.) Tj 36 -28.32 TD (6.) Tj 36 0 TD (For purposes of this proceeding, Global is, and at all times relevant herein has) Tj -72 -14.16 TD (been, engaged in commerce as ) Tj -1.68 Tc (\223) Tj 0 Tc (commerce) Tj -1.44 Tc 1.44 Tw (\224 ) Tj 0 Tc 0 Tw (is defined in Section 1 of the Clayton Act, as) Tj 0 -14.16 TD (amended, 15 U.S.C. \247 12, and is a corporation whose business is in or affecting commerce as) Tj 0 -14.4 TD -1.68 Tc (\223) Tj 0 Tc (commerce) Tj -1.44 Tc 1.44 Tw (\224 ) Tj 0 Tc 0 Tw (is defined in Section 4 of the FTC Act, as amended, 15 U.S.C. ) Tj 362.64 0 TD /F0 12 Tf (\247 ) Tj 9.12 0 TD /F1 12 Tf (44.) Tj -205.68 -42.72 TD /F0 12 Tf (III. THE ACQUISITION) Tj -130.08 -28.08 TD /F1 12 Tf (7.) Tj 36 0 TD (Pursuant to an Agreement and Plan of Merger dated July 12, 1999, RHI will) Tj -72 -14.16 TD (acquire, by a cash tender offer, all of the outstanding shares of Global at a price of $13 per share,) Tj 0 -14.16 TD (valued at approximately $300 million.) Tj 78.72 -42.72 TD /F0 12 Tf (IV. REFRACTORY BRICKS FOR STEEL PRODUCTION) Tj -42.72 -28.08 TD /F1 12 Tf (8.) Tj 36 0 TD (Refractory bricks for steel production include, among other things, basic refractory) Tj -72 -14.16 TD (bricks and high-alumina refractory bricks. Basic refractory bricks for steel production include) Tj 0 -14.16 TD (magnesia-carbon \() Tj -0.1527 Tc (\223mag-carbon) Tj -1.44 Tc (\224) Tj 0 Tc (\) refractory bricks for basic oxygen furnaces \() Tj -1.68 Tc (\223) Tj 0 Tc (BOFs) Tj -1.44 Tc (\224) Tj 0 Tc (\), mag-) Tj T* (carbon refractory bricks for electric arc furnaces \() Tj -1.68 Tc (\223) Tj 0 Tc (EAFs) Tj -1.44 Tc (\224) Tj 0 Tc (\), mag-carbon refractory bricks for BOF) Tj T* (steel ladles, and magnesia-chrome \() Tj -0.1527 Tc (\223mag-chrome) Tj -1.44 Tc (\224) Tj 0 Tc (\) refractory bricks for steel degassers. High-) Tj T* (alumina refractory bricks used in steel production include high-alumina refractory bricks for BOF) Tj T* (steel ladles, and high-alumina refractory bricks for torpedo cars. ) Tj 36 -28.32 TD (9.) Tj 36 0 TD (Mag-carbon refractory bricks for BOFs are non-metallic insulating bricks and) Tj -72 -14.16 TD (shapes composed predominantly of magnesia and containing at least 8% carbon. Mag-carbon) Tj 0 -14.16 TD (refractory bricks for BOFs are designed and manufactured to withstand the extreme temperature) Tj T* (and mechanical and chemical pressures that exist in BOFs during the steel-making process. ) Tj T* -0.0081 Tc 0.0081 Tw (Specifically, in addition to its heat-resistant qualities, magnesia is resistant to slag\226a non-acidic) Tj T* 0 Tc 0 Tw (\() Tj -1.68 Tc (\223) Tj 0 Tc (basic) Tj -1.44 Tc (\224) Tj 0 Tc (\) substance formed by chemical action during the high-temperature steel-making) Tj T* -0.0085 Tc 0.0085 Tw (process\226and has low vulnerability to chemical attack by iron oxide and alkalies, all by-products of) Tj T* 0 Tc 0 Tw (the steel-making process. Carbon prevents slag from entering the pores of the brick, further) Tj T* (improving the ability of the mag-carbon refractory brick to withstand chemical attack from the) Tj ET endstream endobj 14 0 obj 3961 endobj 12 0 obj << /Type /Page /Parent 5 0 R /Resources << /Font << /F0 6 0 R /F1 8 0 R >> /ProcSet 2 0 R >> /Contents 13 0 R >> endobj 16 0 obj << /Length 17 0 R >> stream BT 302.88 74.88 TD 0 0 0 rg /F1 12 Tf 0 Tc 0 Tw (3) Tj -230.88 633.84 TD (slag. Mag-carbon bricks for BOFs are manufactured into specific sizes and shapes unique to) Tj 0 -14.16 TD (BOFs, further strengthening the refractory and improving its ability to withstand heat as well as) Tj T* (chemical and mechanical attack, and ultimately enabling the steel-making process to take place by) Tj T* (protecting the BOF from these extreme pressures.) Tj T* ( ) Tj 36 -14.16 TD (10.) Tj 36 0 TD (Mag-carbon refractory bricks for EAFs are non-metallic insulating bricks and) Tj -72 -14.16 TD (shapes composed predominantly of magnesia and containing at least 8% carbon. Mag-carbon) Tj 0 -14.16 TD (refractory bricks for EAFs are designed and manufactured to withstand the extreme temperature) Tj T* (and mechanical and chemical pressures that exist in EAFs during the steel-making process, and) Tj T* (possess the same chemical properties as mag-carbon bricks for BOFs that make them especially) Tj T* (suited to resist the slag and other by-products of the steel-making process. Mag-carbon bricks for) Tj T* (EAFs are manufactured into specific sizes and shapes unique to EAFs, further strengthening the) Tj T* (refractory and improving its ability to withstand heat as well as chemical and mechanical attack,) Tj T* (and ultimately enabling the steel- making process to take place by protecting the EAF from these) Tj T* (extreme pressures.) Tj 36 -28.32 TD (11.) Tj 36 0 TD (BOF steel ladles are used to collect and transport molten steel from the BOF to the) Tj -72 -14.16 TD (area of the steel plant where the molten steel is poured into molds. Slag is less dense than steel,) Tj 0 -14.16 TD (and collects in a BOF steel ladle above the molten steel \(the ) Tj -1.68 Tc (\223) Tj 0 Tc (slag line) Tj -1.44 Tc (\224) Tj 0 Tc (\). For the same reasons) Tj T* (mag-carbon bricks are used to line BOFs and EAFs, mag-carbon bricks are used to line the area) Tj T* (of a BOF steel ladle above the slag line in order to protect the ladle itself from the corrosiveness) Tj T* (of the slag. Mag-carbon refractory bricks for BOF steel ladles are manufactured into specific) Tj T* (sizes and shapes unique to BOF steel ladles.) Tj 36 -28.32 TD (12.) Tj 36 0 TD (Steel degassers are refractory-lined chambers used to rid molten steel of oxygen) Tj -72 -14.16 TD (and hydrogen that is absorbed during the steel-making process. The steel degassing process) Tj 0 -14.16 TD (causes violent turbulence in the chamber. This turbulence requires the utilization of refractories) Tj T* (with high resistance to mechanical wear, and, because of the presence of slag, high resistance to) Tj T* (the corrosiveness of the slag. Mag-chrome refractory bricks for steel degassers are specifically) Tj T* (designed to withstand the pressures that exist within the degasser chamber. Mag-chrome) Tj T* (refractory bricks for steel degassers are manufactured into specific sizes and shapes unique to) Tj T* (steel degassers. ) Tj 36 -28.32 TD (13.) Tj 36 0 TD (High-alumina refractory bricks are designed to protect the BOF steel ladle below) Tj -72 -14.16 TD (the slag line from the corrosive forces of molten steel, which is chemically acidic in nature. High-) Tj 0 -14.16 TD (alumina refractory bricks for BOF steel ladles are manufactured into specific sizes and shapes) Tj T* (unique to BOF steel ladles.) Tj 36 -28.32 TD (14.) Tj 36 0 TD (Torpedo cars are used to transport molten iron from a blast furnace to a BOF to) Tj -72 -14.16 TD (further the steel-making process. Molten iron is chemically acidic in nature, with little basic slag. ) Tj 0 -14.16 TD (High-alumina refractory bricks are designed to protect the torpedo cars from the corrosive forces) Tj T* (of molten iron. High-alumina refractory bricks for torpedo cars are manufactured into specific) Tj T* (sizes and shapes unique to torpedo cars.) Tj ET endstream endobj 17 0 obj 3929 endobj 15 0 obj << /Type /Page /Parent 5 0 R /Resources << /Font << /F1 8 0 R >> /ProcSet 2 0 R >> /Contents 16 0 R >> endobj 19 0 obj << /Length 20 0 R >> stream BT 302.88 74.88 TD 0 0 0 rg /F1 12 Tf 0 Tc 0 Tw (4) Tj -86.64 605.28 TD /F0 12 Tf (V. THE RELEVANT MARKETS) Tj -108.24 -28.08 TD /F1 12 Tf (15.) Tj 36 0 TD (One relevant line of commerce within which to analyze the likely effects of the) Tj -72 -14.16 TD (proposed Acquisition is the research, development, manufacture and sale of mag-carbon) Tj 0 -14.16 TD (refractory bricks for BOFs. There are no economic substitutes for mag-carbon bricks for BOFs) Tj T* (to which customers would switch in response to a small but significant price increase in mag-) Tj T* (carbon bricks for BOFs.) Tj 36 -28.32 TD (16.) Tj 36 0 TD (Another relevant line of commerce within which to analyze the likely effects of the) Tj -72 -14.16 TD (proposed Acquisition is the research, development, manufacture and sale of mag-carbon bricks) Tj 0 -14.16 TD (for EAFs. There are no economic substitutes for mag-carbon bricks for EAFs to which customers) Tj T* (would switch in response to a small but significant price increase in mag-carbon bricks for EAFs.) Tj 36 -28.32 TD (17.) Tj 36 0 TD ( Another relevant line of commerce within which to analyze the likely effects of the) Tj -72 -14.16 TD (proposed Acquisition is the research, development, manufacture and sale of mag-carbon) Tj 0 -14.16 TD (refractory bricks for BOF steel ladles. There are no economic substitutes for mag-carbon bricks) Tj T* (for BOF steel ladles to which customers would switch in response to a small but significant price) Tj T* (increase in mag-carbon bricks for BOF steel ladles.) Tj 36 -28.32 TD (18.) Tj 36 0 TD (Another relevant line of commerce within which to analyze the likely effects of the) Tj -72 -14.16 TD (proposed Acquisition is the research, development, manufacture and sale of mag-chrome) Tj 0 -14.16 TD (refractory bricks for steel degassers. There are no economic substitutes for mag-chrome) Tj T* (refractory bricks for steel degassers to which customers would switch in response to a small but) Tj T* (significant price increase in mag-chrome refractory bricks for steel degassers.) Tj 36 -28.32 TD (19.) Tj 36 0 TD (Another relevant line of commerce within which to analyze the likely effects of the) Tj -72 -14.16 TD (proposed Acquisition is the research, development, manufacture and sale of high-alumina) Tj 0 -14.16 TD (refractory bricks for BOF steel ladles. There are no economic substitutes for high-alumina) Tj T* (refractory bricks for BOF steel ladles to which customers would switch in response to a small but) Tj T* (significant price increase in high-alumina refractory bricks for BOF steel ladles.) Tj 36 -28.32 TD (20.) Tj 36 0 TD (Another relevant line of commerce within which to analyze the likely effects of the) Tj -72 -14.16 TD (proposed Acquisition is the research, development, manufacture and sale of high-alumina) Tj 0 -14.16 TD (refractory bricks for torpedo cars. There are no economic substitutes for high-alumina refractory) Tj T* (bricks for torpedo cars to which customers would switch in response to a small but significant) Tj T* (price increase in high-alumina refractory bricks for torpedo cars.) Tj 36 -28.32 TD (21.) Tj 36 0 TD (For purposes of this Complaint, the relevant geographic area in which to analyze) Tj -72 -14.16 TD (the effects of the proposed Acquisition on competition in mag-carbon refractory bricks for BOFs,) Tj 0 -14.16 TD (mag-carbon refractory bricks for EAFs, mag-carbon refractory bricks for BOF steel ladles, mag-) Tj T* (chrome refractory bricks for steel degassers, high-alumina refractory bricks for BOF steel ladles,) Tj ET endstream endobj 20 0 obj 3612 endobj 18 0 obj << /Type /Page /Parent 5 0 R /Resources << /Font << /F0 6 0 R /F1 8 0 R >> /ProcSet 2 0 R >> /Contents 19 0 R >> endobj 22 0 obj << /Length 23 0 R >> stream BT 302.88 74.88 TD 0 0 0 rg /F1 12 Tf 0 Tc 0 Tw (5) Tj -230.88 633.84 TD (and high-alumina refractory bricks for torpedo cars, is North America. These kinds of refractory) Tj 0 -14.16 TD (bricks produced outside North America are not economic substitutes because of customers) Tj -2.88 Tc 2.88 Tw (\222 ) Tj 0 Tc 0 Tw (need) Tj T* (for local sales and technical service support, because the delays and uncertainties inherent in long-) Tj T* (distance shipping are unacceptable to customers in an industry that requires just-in-time delivery,) Tj T* (because of the high shipping costs associated with a relatively low-value, heavy product, and) Tj T* (because of the storage and warehousing costs that would have to be borne by customers of) Tj T* (product purchased from foreign sources.) Tj 155.76 -42.72 TD /F0 12 Tf (VI. MARKET STRUCTURE) Tj -119.76 -28.08 TD /F1 12 Tf (22.) Tj 36 0 TD (The North American market for mag-carbon refractory bricks for BOFs is highly) Tj -72 -14.16 TD (concentrated, whether measured by the Herfindahl-Hirschman Index \() Tj -0.1486 Tc 0.1486 Tw (\223HHI\224\) or other measures) Tj 0 -14.16 TD 0 Tc 0 Tw (of concentration. RHI and Global are the two largest sellers of mag-carbon refractory bricks for) Tj T* (BOFs, controlling approximately 95 percent of North American sales. The proposed Acquisition) Tj T* (thus represents a virtual merger to monopoly in mag-carbon bricks for BOFs.) Tj 36 -28.32 TD (23.) Tj 36 0 TD (The North American market for mag-carbon refractory bricks for EAFs is highly) Tj -72 -14.16 TD (concentrated, whether measured by the HHI or other measures of concentration. RHI and Global) Tj 0 -14.16 TD (are the two largest sellers of mag-carbon refractory bricks for EAFs, controlling approximately 65) Tj T* (percent of North American sales. The proposed Acquisition would increase concentration as) Tj T* (measured by the HHI by 2,000 points to over 5,100 points. ) Tj 36 -28.32 TD (24.) Tj 36 0 TD (The North American market for mag-carbon refractory bricks for BOF steel ladles) Tj -72 -14.16 TD (is highly concentrated, whether measured by the HHI or other measures of concentration. RHI) Tj 0 -14.16 TD (and Global are two of the largest sellers of mag-carbon refractory bricks for BOF steel ladles,) Tj T* (controlling approximately 40 percent of North American sales. The proposed Acquisition would) Tj T* (increase concentration as measured by the HHI by 750 points to more than 2,500 points.) Tj 36 -28.32 TD (25.) Tj 36 0 TD ( The North American market for mag-chrome refractory bricks for steel degassers) Tj -72 -14.16 TD (is highly concentrated, whether measured by the HHI or other measures of concentration. RHI) Tj 0 -14.16 TD (and Global are two of the largest sellers of mag-chrome refractory bricks for steel degassers,) Tj T* (controlling approximately 46 percent of North American sales. The proposed Acquisition would) Tj T* (increase concentration as measured by the HHI by 896 points to more than 3,900 points.) Tj 36 -28.32 TD (26.) Tj 36 0 TD (The North American market for high-alumina refractory bricks for BOF steel) Tj -72 -14.16 TD (ladles is highly concentrated, whether measured by the HHI or other measures of concentration. ) Tj 0 -14.16 TD (RHI and Global are the two largest sellers of high-alumina refractory bricks for steel ladles,) Tj T* (controlling approximately 70 percent of North American sales. The proposed Acquisition would) Tj T* (increase concentration as measured by the HHI by 2,250 points to more than 5,200 points.) Tj 36 -28.32 TD (27.) Tj 36 0 TD (The North American market for high-alumina refractory bricks for torpedo cars is) Tj -72 -14.16 TD (highly concentrated, whether measured by the HHI or other measures of concentration. RHI and) Tj ET endstream endobj 23 0 obj 3821 endobj 21 0 obj << /Type /Page /Parent 5 0 R /Resources << /Font << /F0 6 0 R /F1 8 0 R >> /ProcSet 2 0 R >> /Contents 22 0 R >> endobj 25 0 obj << /Length 26 0 R >> stream BT 302.88 74.88 TD 0 0 0 rg /F1 12 Tf 0 Tc 0 Tw (6) Tj -230.88 633.84 TD (Global are the two largest sellers of high-alumina refractory bricks for torpedo cars, controlling) Tj 0 -14.16 TD (approximately 52 percent of North American sales. The proposed Acquisition would increase) Tj T* (concentration as measured by the HHI by 960 points to more than 3,600 points.) Tj 36 -28.32 TD (28.) Tj 36 0 TD (Entry into the relevant markets) Tj 147.6 0 TD ( requires significant sunk costs and would not be) Tj -219.6 -14.16 TD (timely, likely and sufficient to deter or offset reductions in competition resulting from the) Tj 0 -14.16 TD (proposed Acquisition. Development of the specialized refractories described above, including) Tj T* (determination of the proper chemical composition, as well as manufacturing techniques to ensure,) Tj T* (among other things, the proper porosity, is time consuming and costly and requires an extremely) Tj T* (high level of expertise. Because there is a trend in the steel industry to customers) Tj -2.88 Tc 2.88 Tw (\222 ) Tj 0 Tc 0 Tw (seeking single) Tj T* (sources of supply for their refractory needs, a new entrant would need to have the expertise and) Tj T* (financial capability to be able to develop and supply a full line of refractories for BOFs, EAFs and) Tj T* (ladles. Furthermore, because the refractory bricks at issue are used to control processes and) Tj T* (substances at extremely high temperatures, the failure of the products can be catastrophic,) Tj T* (sometimes causing the loss of human life. Consequently, customers are extremely resistant to) Tj T* (change, and any new entrant would have to undergo months of laboratory testing, followed by) Tj T* (field testing that may take years in the case of some products, prior to acceptance of product for) Tj T* (use in BOF and EAF steel-making applications. ) Tj 125.76 -42.72 TD /F0 12 Tf (VII. EFFECTS OF THE ACQUISITION) Tj -89.76 -28.08 TD /F1 12 Tf (29.) Tj 36 0 TD (The effect of the Acquisition may be substantially to lessen competition and to) Tj -72 -14.16 TD (tend to create a monopoly in the relevant markets in violation of Section 7 of the Clayton Act, as) Tj 0 -14.16 TD (amended, 15 U.S.C. \247 18, and Section 5 of the FTC Act, as amended, 15 U.S.C. \247 45, in the) Tj T* (following ways, among others:) Tj 72 -28.32 TD (a.) Tj 36 0 TD (It will eliminate actual, direct and substantial competition between RHI and) Tj 0 -14.16 TD (Global in the relevant markets for mag-carbon refractory bricks for BOFs,) Tj T* (mag-carbon refractory bricks for EAFs, mag-carbon refractory bricks for) Tj T* (BOF steel ladles, mag-chrome refractory bricks for steel degassers, high-) Tj T* (alumina refractory bricks for BOF steel ladles, and high-alumina refractory) Tj T* (bricks for torpedo cars;) Tj -36 -28.32 TD (b.) Tj 36 0 TD (It will substantially increase the level of concentration in the relevant) Tj 0 -14.16 TD (markets for mag-carbon refractory bricks for BOFs, mag-carbon refractory) Tj T* (bricks for EAFs, mag-carbon refractory bricks for BOF steel ladles, mag-) Tj T* (chrome refractory bricks for steel degassers, high-alumina refractory bricks) Tj T* (for BOF steel ladles, and high-alumina refractory bricks for torpedo cars;) Tj -36 -28.32 TD (c.) Tj 36 0 TD (It will increase the likelihood that the firm created by the merger of RHI) Tj 0 -14.16 TD (and Global will unilaterally exercise market power in the relevant markets) Tj T* (for mag-carbon refractory bricks for BOFs, mag-carbon refractory bricks) Tj ET endstream endobj 26 0 obj 3582 endobj 24 0 obj << /Type /Page /Parent 5 0 R /Resources << /Font << /F0 6 0 R /F1 8 0 R >> /ProcSet 2 0 R >> /Contents 25 0 R >> endobj 29 0 obj << /Length 30 0 R >> stream BT 302.88 74.88 TD 0 0 0 rg /F1 12 Tf 0 Tc 0 Tw (7) Tj -122.88 633.84 TD (for EAFs, mag-carbon refractory bricks for BOF steel ladles, mag-chrome) Tj 0 -14.16 TD (refractory bricks for steel degassers, high-alumina refractory bricks for) Tj T* (BOF steel ladles, and high-alumina refractory bricks for torpedo cars;) Tj -36 -28.32 TD (d.) Tj 36 0 TD (It will increase the likelihood that purchasers of mag-carbon refractory) Tj 0 -14.16 TD (bricks for BOFs, mag-carbon refractory bricks for EAFs, mag-carbon) Tj T* (refractory bricks for BOF steel ladles, mag-chrome refractory bricks for) Tj T* (steel degassers, high-alumina refractory bricks for BOF steel ladles, and) Tj T* (high-alumina refractory bricks for torpedo cars, in the relevant geographic) Tj T* (market, will be forced to pay higher prices;) Tj -36 -28.32 TD (e.) Tj 36 0 TD (It will increase the likelihood that technical and sales services provided to) Tj 0 -14.16 TD (purchasers of mag-carbon refractory bricks for BOFs, mag-carbon) Tj T* (refractory bricks for EAFs, mag-carbon refractory bricks for BOF steel) Tj T* (ladles, mag-chrome refractory bricks for steel degassers, high-alumina) Tj T* (refractory bricks for BOF steel ladles, and high-alumina refractory bricks) Tj T* (for torpedo cars, in the relevant geographic market, will be reduced;) Tj -36 -28.32 TD (f.) Tj 36 0 TD (It will increase the likelihood that innovation in the development of mag-) Tj 0 -14.16 TD (carbon refractory bricks for BOFs, mag-carbon refractory bricks for EAFs,) Tj T* (mag-carbon refractory bricks for BOF steel ladles, mag-chrome refractory) Tj T* (bricks for steel degassers, high-alumina refractory bricks for BOF steel) Tj T* (ladles, and high-alumina refractory bricks for torpedo cars will be reduced;) Tj -36 -28.32 TD (g.) Tj 36 0 TD (It will significantly enhance the likelihood of coordinated interaction in the) Tj 0 -14.16 TD (relevant geographic market among the competitors in the production and) Tj T* (sale of mag-carbon refractory bricks for EAFs, mag-carbon refractory) Tj T* (bricks for steel ladles, mag-chrome refractory bricks for steel degassers,) Tj T* (high-alumina refractory bricks for BOF steel ladles, and high-alumina) Tj T* (refractory bricks for torpedo cars; and ) Tj -36 -28.32 TD (h.) Tj 36 0 TD (It will increase barriers to entry in the relevant markets.) Tj -72 -28.32 TD (30.) Tj 36 0 TD (All of the above increase the likelihood that the Acquisition would result in) Tj -72 -14.16 TD (increased prices or reduced services in the near future and in the long term in the relevant) Tj 0 -14.16 TD (markets.) Tj 147.84 -56.88 TD /F0 12 Tf (VIII. VIOLATIONS CHARGED) Tj -111.84 -28.08 TD /F1 12 Tf (31.) Tj 36 0 TD (The acquisition agreement between RHI and Global described in paragraph 7) Tj -72 -14.16 TD (violates Section 5 of the FTC Act, as amended, 15 U.S.C. \247 45.) Tj ET endstream endobj 30 0 obj 2910 endobj 27 0 obj << /Type /Page /Parent 28 0 R /Resources << /Font << /F0 6 0 R /F1 8 0 R >> /ProcSet 2 0 R >> /Contents 29 0 R >> endobj 32 0 obj << /Length 33 0 R >> stream BT 302.88 74.88 TD 0 0 0 rg /F1 12 Tf 0 Tc 0 Tw (8) Tj -194.88 619.68 TD (32.) Tj 36 0 TD (The proposed Acquisition of Global by RHI, if consummated, would violate) Tj -72 -14.16 TD (Section 7 of the Clayton Act, as amended, 15 U.S.C. \247 18, and Section 5 of the FTC Act, as) Tj 0 -14.16 TD (amended, 15 U.S.C. \247 45.) Tj 36 -28.32 TD (33.) Tj 36 0 TD (The proposed Acquisition of Global by RHI, if consummated, would allow RHI to) Tj -72 -14.16 TD (monopolize the United States market for mag-carbon bricks for BOFs in violation of Section 5 of) Tj 0 -14.16 TD (the FTC Act, as amended, 15 U.S.C. \247 45.) Tj 36 -52.32 TD (WHEREFORE, THE PREMISES CONSIDERED, the Â鶹´«Ã½ Trade Commission on this) Tj -36 -14.16 TD (twenty-first day of March, 2001, issues its Complaint against said Respondent.) Tj 36 -76.56 TD (By the Commission.) Tj 252 -95.76 TD (Donald S. 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