Sisak is an EAF-based pipe manufacturer with an annual production capacity of 305,000 metric tons.
As previously reported by SteelOrbis, Commercial Metals International signed a definitive agreement to acquire Croatian pipe maker Valjaonica Cijevi Sisak in July.
Under the terms of the agreement, Commercial Metals Company will assume all debts owed by VCS to the Croatian government, banks and trade creditors (approximately $45 million) and make an additional payment (maximum of approximately $7 million) for the shares.
Commenting on the finalized acquisition, Hanns Zoellner, Executive Vice President of CMC and President of CMC International, stated, "The new name denotes CMC's financial strength, steelmaking expertise and global market emphasis while continuing the Sisak brand tradition which is synonymous with quality pipes and tubes".