Posted on 17 Dec 2021
This Monday, the Brazilian mining company Vale announced that its subsidiary Vale Canada Limited has entered into a binding contract with the US steelmaker Nucor to sell its 50% shares in California Steel Industries (CSI).
Under this transaction by the two companies, Vale will receive US$400 million by selling 50% shares of CSI, adjusted for net debt and working capital at the closing of the deal. The transaction was scheduled to be done in the first quarter of 2022.
CSI is a California-based steel tube and rolled flat steel producer with an annual production capacity of approximately 2.5 million tons.
Vale acquired 50% of CSI's shares in 1984, sharing control with the largest Japanese steelmaker JFE Steel Corporation.
Source:Yieh
