Brazilian steel and iron ore producer Companhia Siderúrgica Nacional (CSN) said in a statement that it has entered into an agreement with Bipadosa S.
L., the holding company of the Megasa Group, on mutually beneficial terms.
According to CSN, the agreement sets out the basic terms and conditions for the sale of all shares issued by Stahlwerk Thüringen GmbH (SWT).
The agreement provides for an exclusive period of up to 10 weeks and an additional enterprise value of 550 million euros, adjusted.
Megasa is a Spanish industrial group active in the European steel industry, specializing in the production of long products, with operations in Spain, Portugal and France.
SWT is a rolled products manufacturer based in Unterwellenborn, Germany, specializing in the production of structural profiles, with an installed production capacity of 1.1 million metric tons of steel per year.
CSN acquired SWT in 2012 when the company planned to diversify its product portfolio and geographical presence. The company has currently put the division up for sale as one of several options to reduce its financial leverage, with net financial debt currently 3.49 times its annual EBITDA.
CSN is also selling its cement and logistics business and considering the possibility of attracting a strategic partner in The President Vargas Steel Mill in Volta Redonda, Rio de Janeiro State.
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