ArcelorMittal has concluded the buyout of its partners in Spanish steel tubing producer Condesa Tubos after receiving antitrust approval, the company said Nov. 22.
As a result of the purchase, whose value was not disclosed by the company, AM will take full control of manufacturing facilities in Lesaka, Berrioplano and Alava, Spain as well as Altensteig-Walddorf in Germany, all belonging to Condesa.
AM already held a 33% stake in Condesa, which specializes in steel tubes and shaped soldered steel. The companies announced the deal in July this year.
The unit will be incorporated into ArcelorMittal Europe – Tubular Products, which makes tubes and pipes for the energy, building, engineering and transport sectors in Czechia, France, Poland and Romania. It will make AM Tubular the largest producer of steel tubes in Europe, the company said.
AM bought the minority stake in Condesa in 2016 as part of a restructuring including a banking consortium (Santander, BBVA, CaixaBank, Kutxabank, Bankinter, Caja Rural de Navarra and Banco Sabadell) which took the majority 67% stake of the company.
— Gianluca Baratti