CSN acquires cement & steel in Spain
Brazil-based Companhia Siderurgica Nacional (CSN) announced that the company will be investing in Spain's cement and steel assets in an effort to expand its portfolio in the country. The company will acquire the cement and four steel making assets of Grupo Alfonso Gallardo for approximately $1.3 billion, incurring expenditure of roughly $768.5 million and debt assumption of $570.5 million. The assets include Cementos Balboa, a cement-maker with an annual production capacity of 1.4 million tonnes; rebar mill Corrugados Azpeitia; and wire and wire-mesh mill Corrugados Lasao, besides the two German steelmaking and marketing companies, Stahlwerk Thuringene and Gallardo Sections. Completion of the transaction is subject to regulatory approvals.