Brazilian mining giant Vale subsidiary Vale Canada Limited has completed the sale and transfer of its 50% ownership interest in California Steel Industries to Nucor Corporation for USD 436.7 million in cash, of which USD 400 million for 50% of the enterprise value and the remaining for the adjusted net debt and working capital at closing. In January, following the H2 of 2021 financial performance, Vale Canada Limited also received USD 65 million in dividends from CSI, associated with its 50% ownership in the asset.California Steel Industries is a flat-rolled steel converter with the capability to produce more than two million tons of finished steel and steel products annually. The company has five product lines, including hot rolled, pickled and oiled, cold rolled, galvanized and ERW pipe. Key end-use segments served by California Steel Industries include customers in the construction, service center and energy industries. California Steel Industries employs more than 800 full-time and temporary employees.US steel maker Nucor Corporation had reached agreements to acquire a majority ownership position in California Steel Industries Inc in December 2020. The company will be a joint venture between Nucor and JFE. It will be Nucor's second joint venture with JFE. Since 2020, the two companies have been operating an automotive steel joint venture in Mexico. The facility in Mexico has the capacity to produce 400,000 tons of galvanized steel for the automotive industry per yea
Brazilian mining giant Vale subsidiary Vale Canada Limited has completed the sale and transfer of its 50% ownership interest in California Steel Industries to Nucor Corporation for USD 436.7 million in cash, of which USD 400 million for 50% of the enterprise value and the remaining for the adjusted net debt and working capital at closing. In January, following the H2 of 2021 financial performance, Vale Canada Limited also received USD 65 million in dividends from CSI, associated with its 50% ownership in the asset.California Steel Industries is a flat-rolled steel converter with the capability to produce more than two million tons of finished steel and steel products annually. The company has five product lines, including hot rolled, pickled and oiled, cold rolled, galvanized and ERW pipe. Key end-use segments served by California Steel Industries include customers in the construction, service center and energy industries. California Steel Industries employs more than 800 full-time and temporary employees.US steel maker Nucor Corporation had reached agreements to acquire a majority ownership position in California Steel Industries Inc in December 2020. The company will be a joint venture between Nucor and JFE. It will be Nucor's second joint venture with JFE. Since 2020, the two companies have been operating an automotive steel joint venture in Mexico. The facility in Mexico has the capacity to produce 400,000 tons of galvanized steel for the automotive industry per yea
