Arcelor might sell tube division to Condesa

Arcelor might sell tube division to Condesa

The European steel maker Arcelor is currently in a strategic evaluation process regarding the future of its pipes and tubes division. Depending on the conclusion of this process, in case a partial or entire sale of the division is decided upon, it is understood from the reports that the priority will be given to the Spanish tubes and pipes manufacturer Condesa. Condesa's 51.2% shares are held by Private Basque Group and the balance 48.8% is held by Arcelor via its Usinor merger. Such acquisiton of Condesa will give the company 20% share of the European tube market.