Pipe down: The Tipline for 7 February 2023

Two major steel pipe manufacturers have walked away from their proposed $460 million merger after receiving pushback from the Department of Justice. The DOJ said yesterday that Benteler Steel & Tube Manufacturing ditched plans to sell one of its facilities to Tenaris after the agency raised concerns the deal would eliminate an independent competitor for steel pipes used in the extraction of petroleum products. Despite the authority claiming victory, the two companies refused to explain why they abandoned the transaction.