Tenaris completes Donasid S.A acquisition
Luxembourg-based seamless steel
pipe producer Tenaris S.A announced yesterday that it completed the acquisition of a 97% stake in Romanian steel producer Donasid S.A for €37 million (approx. $48 million).
In line with the deal, Tenaris will also assume debt of €16.8 million held by Donasid with AVAS, the Romanian state privatization agency.
Donasid's assets include a steel shop with a capacity of 470'000 tons, an electric furnace and continuous casting facilities.
The acquisition of Donasid will allow Tenaris to reduce its cost and to secure a stable steel source for its Romanian seamless steel
pipe mill Silcotub.