The world's leading stainless steel producer Finland-based Outokumpu has announced that it has sold its 15 percent stake in Tibnor AB, a leading Nordic distributor of steel and metals, to Swedish steelmaker SSAB. The proceeds gained from the sale amount to €44 million ($61.9 million). Payment will be in cash.
Outokumpu will register a tax-free capital gain of some €36 million ($50 million) as financial income in the company's second quarter accounts. The sales transaction will have a marginal impact on Outokumpu's gearing due to the fair-value accounting of these shares on Outokumpu's balance sheet.