Australia's competition regulator has extended its probe into the iron ore production joint venture between BHP Billiton and Rio Tinto for a second time after flagging a series of additional issues that needed closer examination.
The delay comes as steelmakers around the world step up efforts to have the deal between the companies blocked on competition grounds amid concerns that the alliance struck last June will give producers added pricing power for the ore.
Japanese, Chinese and European steel mills have accused the three dominant producers, BHP, Rio and Brazil's Vale, of having excessive power following the introduction of a new pricing system that will see the commodity's cost in the short term nearly double.
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