Spain’s Network Steel expands further with new acquisition

Network Steel, the Spanish trading and industrial group, has agreed to acquire the former plant of Vestas in northern Spain. It will further expand its production of flat steel products, Kallanish learns from sources.

Vestas, the Danish supplier of components for wind turbines, announced earlier this year the decision to close its Spanish plant in the region of Leon. Network Steel is now set to take over the plant and invest in it up to €110 million ($124.7m) to convert the unit for the processing of flat steel products.

The relaunch of the unit will start in early January and is set to create up to 350 jobs.

Network Steel already controls three production units in Spain, dedicated to flat steel products. Recently the group also took over control of Plafesa and its two service centres in Spain and Portugal, as reported.