São Paulo, Brazil-based steelmaker Companhia Siderúrgica Nacional (CSN) announced on Friday that its board has approved a loan for the amount of €120 million (US$158 million) in order to purchase assets in Europe. The loan will be used to purchase assets from Spain's Grupo Alfonso Gallardo SLU, mainly the shares in German long-steel-products producer Stahlwerk Thuringen GmbH (SWT) and Gallardo Sections SLU.
SteelOrbis reported on January 31 that CSN's subsidiary company CSN Steel, located in Spain, had acquired all of the shares held by Grupo Alfonso Gallardo, SLU in Stahlwerk Thüringen GmbH and Gallardo Sections SLU.