Brazil’s Companhia Siderúrgica Nacional (CSN) has agreed to sell its German subsidiary, Stahlwerk Thüringen (SWT), to Spain’s Megasa Group.
The companies have signed a non-binding agreement setting key terms and conditions for the sale of a 100% share in SWT. The transaction will be carried out through CSN Steel, the Spanish company that controls CSN’s European assets in Europe, and Megasa subsidiary Bipadosa, Kallanish learns from the Brazilian steelmaker.
The agreement provides for an exclusivity period of up to ten weeks. The deal is valued at €550 million ($616.2m).
SWT is a long steel manufacturer. Its plant in Unterwellenborn has an installed production capacity of 1.1 million tonnes/year of steel. The company became part of CSN in 2012.
The Brazilian company is currently executing a divestment programme aimed at lowering indebtedness and optimising its assets in line with strategic financial objectives.
