Thyssenkrupp Sells Brazilian Steel Unit to Ternium
September 07 2017 - 8:20AM
Dow Jones News
By Monica Houston-Waesch
FRANKFURT--Thyssenkrupp AG (TKA.XE) on Thursday said it
completed the sale of its Brazilian steel operation Siderurgica do
Atlantico, or CSA, to South America-focused steelmaker Ternium SA
(TX) for 1.5 billion euros ($1.79 billion).
The transaction is effective retroactively to Sept. 30. It will
reduce Thyssenkrupp's net financial debt "significantly," allowing
its capital goods and services businesses to account for more than
75% of sales, the group said.
"With the sale of CSA, Thyssenkrupp has now fully divested Steel
Americas and achieved a further important milestone on its
strategic way forward," the German company said in a release.
The company sold its processing plant in the U.S. to an
ArcelorMittal and Nippon Steel consortium in 2014.
Write to Monica Houston-Waesch at nikki.houston@wsj.com
(END) Dow Jones Newswires
September 07, 2017 08:05 ET (12:05 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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