Corus agrees to acquire Arcelor's Lusosider stake

Corus agrees to acquire Arcelor’s Lusosider stake

Corus Group plc has agreed to take Arcelor's 50% stake at Lusosider via Arcelor subsidiary Sollac Mediterranee against € 10.84 million. The completion of the sale is subject to European Commission approval. Lusosider Projectos Siderugicos SA is 50/50 joint venture between Corus and Arcelor. After completion of acquisition, Corus will sell this 50% stake to Banco Espirito Santo de Investimento which, in turn, will simultaneously sell same to Brazil's Companhia Siderurgica Nacional (CSN). Lusosider, being divested by Arcelor due to its commitment to the European Commission at the stage of its merger in February 2002, produces hot dipped galvanized steel sheet and electrolytic tinplate. In the year 2002, the company produced 213'000 tons of hot dipped galvanised sheet and 66'000 tons of tinplate.