In a statutory filing on Friday, Brazilian steelmaker Companhia Siderurgica Nacional SA (CSN) said that it has canceled the acquisition deal signed with Spanish group Alfonso Gallardo in May this year due to breach of contract.
As SteelOrbis previously reported, the deal included the acquisition of two rebar plants-Corrugados Azepeita and Corrugados Lasao; structural profiles plant Stahlwerk Thuringene, and Gallardo Sections for US$772 million.
On the other hand, Alfonso Gallardo denied the breach of contract and filed an arbitration suit demanding the purchase to be carried out.