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Financial News: TERNIUM: Company Concludes Steelmaker Acquisition In Brazi

TERNIUM: Company Concludes Steelmaker Acquisition In Brazil

09/10/2017 - 08:56:00 (RTTNews)

(RTTNews) - Luxembourg-based steelmaker Ternium has announced the acquisition of ThyssenKrupp Slab International B.V. (tkSI) and its subsidiary CSA Siderúrgica do Atlântico. Also, tkSI transferred to Ternium a contract for the supply of two million tons of steel slabs per year from the CSA plant in Brazil to the mill in Calvert, Alabama in the United States.

In a statement, Ternium reported that it disbursed 1.4 billion euros, on a free cash basis and free of debt, for the acquisition of both tkSI shares and the steel slabs supply contract. Prior to the closing of the operation, CSA fully repaid its financial debt of 3 billion euros with Brazil's BNDES (National Development Bank of Brazil). In order to finance the acquisition, Ternium obtained a five-year syndicated loan of USD 1.5 billion.

Ternium will integrate CSA into its industrial system and supply chain. As part of this process, CSA has changed its corporate name to Ternium Brasil Ltda. and Marcelo Chara, previously Industrial Director of Ternium's operations in Argentina, has been appointed CEO of Ternium Brasil. Additionally, tkSI has changed its corporate name to Ternium Staal B.V.

Ternium will consolidate the balance sheet and operating results of Ternium Staal B.V. in its consolidated financial statements as from September 2017.

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