Reuters reported that Thailand's top industrial conglomerate Siam Cement Pcl is selling its remaining 5% stake in Siam United Steel Co Limited to Japan's Nippon Steel Corporation for THB 855 million.

Nippon Steel already owns 45% of Siam United, which makes cold rolled sheet steel, with annual capacity of 1 million tonnes. In 2010 Siam United had sales of THB 19 billion.

Nippon Steel said in April 2011 that it would invest USD 300 million to build a steel galvanizing production line in Thailand to supply automotive sheet steel by 2013.

Siam Cement's divestment is part of its plan to focus on core businesses. It said in a statement it would book a gain of THB 690 million from the sale in the fourth quarter.

(Sourced from www.reuters.com)