The main goal of this paper is to analyse Brazilian competition policy since the early-1990s when the country altered radically the orientation of its political economy. The steel industry is used as a case study. The paper is divided into five sections, including an introduction. The next makes a review of the main characteristics of Brazilian competition policy. The third analyses the mergers and acquisitions issue in the Brazilian steel industry, while the fourth discusses cartelisation in the same sector. The last section summarizes the main conclusions.