Brazilian steelmaker Companhia Siderurgica Nacional (CSN), said it agreed to acquire cement producer Cementos Balboa SA and four long steel producers in Spain and Germany from Spain’s Grupo Alfonso Gallardo SLU for EUR543m.
CSN and Alfonso Gallardo first announced they were in talks on the acquisition in December.
CSN will also take on debts worth about EUR403m as part of the transaction, CSN said in a statement posted on its website.
The acquisition forms part of CSN’s strategy to increase its cement and long products business, at the same time enhancing its international presence, CSN said in the statement.
Cementos Balboa, located in Extremadura, has production capacity for 1.4Mta of cement and 1.1Mta of clinker, CSN said. Balboa also has its own limestone and slate mines near the plant site, CSN said.