Tenaris and Sidor complete takeover of Posven

Tenaris and Sidor complete takeover of Posven

According to recent market sources, seamless pipe producer Tenaris and Venezuelan Sidor have recently completed the acquisition of Posven, a hot briquetted iron (HBI) producer in Venezuela. As reported by SteelOrbis back in May, Tenaris and Sidor reached an agreement to purchase assets of Posven. The deal, signed for the assets of HBI plant producing 1.5 million tons per annum, is concluded at $120 million. The acquisition of the plant has been materialized through establishing a new company, in which Tenaris holds 50.2% stake and Sidor holds 49.8%.