Sumitomo buys North Star with Vallourec&Mannesman
As per reports from Reuters Sumitomo Corp., one of the major
trading houses of
Japan, announced today that jointly with Vallurec&Mannesmann Tube, they will buy the
tubular division of North Star Steel Co. owned by Cargill Inc.
Sumitomo will own the 20% of North Star
Tubular Division (NSSTD) whereas Vallourec&Mannesmann Tube, which is also a joint venture of Vallurec (VLLP) of
France and Mannesmann SA of
Germany, will own the 80%.
The total amount Sumitomo Corp. and Vallurec&Mannesman Tube will pay to Cargill Inc. for NSSTD is around $ 380 million.