Nippon Steel Sells Stake in Spanish Stainless Steel Maker Acerinox
Nippon Steel said that it had sold a 7.9% stake in Spanish stainless steel maker Acerinox for 218 million euros through a private placement. The stake was sold at 10.2 euros per share, which represented a discount of 5.7% from Acerinox’s Thursday closing price. After completion of the placement, Nippon Steel owns 21.4 million shares of the company, representing approximately 7.9% of the capital, as reported by UBS, the placement financial entity, to the National Securities Market Commission.
The company had said 10 months ago that its stake in Acerinox was financial, that is susceptible to being sold
Acerinox is manufacturing of stainless steels and nickel alloys with a presence on the five continents, factories on four continents and supplying to customers in 81 countries. Acerinox has three fully integrated flat product production factories the Campo de Gibraltar factory in Spain, North American Stainless in Kentucky in US & Columbus Stainless in Middelburg in South Africa. In March 2020, Acerinox completed the purchase of VDM Metals, thus becoming the Group’s newest company. VDM Metals is a global leader in the development and manufacture of special nickel alloys and high performance stainless steels