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Sale Of Brazilian Steel Mill CSA Complete
The sale of the CSA Siderúrgica do Atlântico (CSA) steel
mill in Brazil to the Latin American steelmaker Ternium is complete.
With the closing of the transaction Thyssenkrupp has
received the purchase price (enterprise value) of €1.5 billion. The transaction
reduces the Group’s net financial debt significantly and contributes to the
expected improvement in its gearing, the ratio of net debt to equity. The sale
of CSA takes effect retrospectively from September 30, 2016.
With the sale of CSA Thyssenkrupp has now fully divested
Steel Americas and achieved a further important milestone on its Strategic Way
Forward. Thyssenkrupp now generates more than 75 percent of its sales with
profitable capital goods and services businesses.
Thyssenkrupp succeeded in selling the processing plant in
the USA to a consortium of ArcelorMittal and Nippon Steel back in 2014. At that
time it was not possible to divest CSA. Complex contractual ties existed with
the former co-shareholder Vale. In May 2016 the Group succeeded in ending those
ties and as sole owner of CSA has moved the company into operational profit.
The receipt of the operating license in September 2016 finally created the
conditions for the sale of CSA and a good solution in Brazil.
Source: thyssenkrupp.com
