Thyssenkrupp Sells Brazilian Steel Unit to Ternium

By Monica Houston-Waesch Features Dow Jones Newswires

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).

Continue Reading Below

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

Continue Reading Below

September 07, 2017 08:05 ET (12:05 GMT)