CSN buys Arcelor's stake in Lusosider

CSN buys Arcelor’s stake in Lusosider

As per the anti-trust requirements of EU for the creation of Arcelor, through the merger of Aceralia of Spain, Usinor of France and Arbed of Luxembourg, the company undertook to close down a certain capacity of its plants. The 50% stake of Arcelor at the Portuguese hot dipped galvanised and tinplate mill Lusosider is going to be sold off under the framework of these requirements. Arcelor owns the 50% stake through its subsidiary Sollac Mediterranee. The remaining 50% is held by the Anglo-Dutch steel maker Corus, which also bears the first right of refusal. By means of using its rights, Corus will be buying Sollac's stake in Lusosider and immediately selling it to an investment bank. At the final stage, the stakes will be taken over by the Brazilian flats producer CSN against €10.84 million. As a result of such transaction, a joint venture between Corus and CSN will be established.