In our Wednesday, November 26, 2025 edition of the Business Observer we published an article captioned ‘Arc Manufacturing sues Tank-Weld for $2.18b’, which reported on allegations of predatory pricing and abuse of dominant position against Tank-Weld Metals Limited in the steel rebar market.

We accept that the confidential Fair Trading Commission (FTC) internal staff report referenced in the article is not a finding or a determination by the FTC itself, and which in fact remains under review by the FTC staff.

We regret that referencing the report without proper context may have led to the inference that there has been a finding by the FTC that Tank-Weld has engaged in unlawful or anti-competitive conduct.

As stated in the article, these allegations are vigorously contested by Tank-Weld and have not been determined by the courts or even by the FTC. Accordingly, we now unreservedly withdraw the statements in question and we sincerely apologise to Tank-Weld Metals Limited, its directors, employees, and stakeholders for any harm which may have been caused.