Rautaruukki completes sale of its Nordic rebar business

Finnish steelmaker Rautaruukki announced today that the agreement signed on April 25, 2006 by Rautaruukki and BT Norway AS to sell Rautaruukki's Nordic reinforcing steel business has been completed on August 3, 2006. As previously reported by SteelOrbis, the transaction, which costs Euro 123 million, has recently been approved by relevant regulatory authorities. The Nordic reinforcing steel business comprises Fundia Armeringsstål AS operating steel and rolling mills in Mo i Rana, Norway and distribution and manufacturing service companies Fundia Betoniteräkset Oy in Finland, Fundia Armering AB in Sweden, Fundia Armering AS in Norway and Fundia Armering A/S in Denmark.