Spanish coil processing company Network Steel (NS) says Japan-based Marubeni-Itochu Steel Inc. (MISI) has become a shareholder. The deal was sealed on 22 June.
The size of the shareholding acquired by MISI has not been revealed, although NSR confirms it is a minority stake, Kallanish notes. The company’s share capital has hitherto been divided into three packages. The most significant is owned by the president of the company, Oscar Heckh, with a 63.8% stake. The remaining participation is distributed between the company Equipos de Oficina Norte de España (8.18%) and treasury stock (28%).
“The transaction consolidates the commercial partnership between NSR and MISI,” NSR says. “This strategic agreement is motivated by a joint project to achieve a new stage of growth, driven by a diversification of products, markets, creation of synergies and know-how shared by both groups.”
MISI confirms it has agreed to acquire shares in Network Steel and make it an equity-method affiliate. “Through this investment, our company aims to expand its business presence in Europe, where stable economic growth is expected, and contribute to the enhancement of NSR’s corporate value by leveraging our stakeholders and business infrastructure,” MISI explains.
NSR is an independent manufacturer and distributor of steel in the Iberian Peninsula. The company has seven production plants and processing facilities with annual sales volume exceeding 1 million tonnes.
NSR is the parent company of a group of enterprises operating the production, processing and trading of flat steel products. It began operations in 2002 and is currently structured into two business segments. The commercial unit covers the company’s import activities, mainly from non-EU countries, with offices in Spain, Switzerland, China and Morocco. The industrial unit, meanwhile, includes seven flat steel production and processing centres in Spain and Portugal.
Todor Kirkov Bulgaria
