Swedish steel producer SSAB has announced that it has received approval from the European Commission to sell 50 percent of the shares in Norway-based Norsk Stål AS to Leif Hübert AS, as part of the divestment remedies that the European Commission deemed necessary for the merger of Finnish steelmaker Rautaruukki with SSAB.
In July 2014, SSAB received the European Commission's approval for the merger with Rautaruukki. The approval was conditional on a commitment by SSAB to divest the following assets within what was then its Nordic Steel Distribution system and Finnish construction business: one steel service center in Sweden and one in Finland, Tibnor Oy in Finland, the 50 percent ownership interest in each of Norsk Stål AS and Norsk Stål Tynnplater AS in Norway and Plannja Oy in Finland.
Earlier this week, SSAB divested Plannja Oy in Finland to Metehe Oy after receiving approval for the transaction from the European Commission.