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CSN Buys Alfonso Gallardo’s German Assets for $632 Million

Cia. Siderurgica Nacional SA, Brazil’s third-largest steelmaker, said it concluded “in a satisfactory manner” an accord to purchase a pair of German steel units from Spain’s Grupo Alfonso Gallardo for 482.5 million euros ($632 million).

CSN, as the Sao Paulo-based company is known, bought units Stahlwerk Thüringen GmbH, or SWT, and Gallardo Sections SLU, without assuming any debt, the company said in a regulatory filing late yesterday. SWT, a long-steel manufacturer based in Unterwellenborn, Germany, has the capacity to produce 1.1 million metric tons per year, CSN said.

“The conclusion of this acquisition will contribute to strengthen CSN’s position in the long-steel segment,” the Brazilian steelmaker said in the statement.

CSN on Sept. 16 said it canceled an agreement to buy steel and cement assets from Alfonso Gallardo because the Spanish company didn’t meet some terms of the contract. CSN agreed in May to buy the assets, including the German units as well as steel and cement assets in Spain for 543 million euros, in addition to assuming 403 million euros of debt and other obligations.

Today’s agreement concludes “in a satisfactory manner” the discussions between CSN and Alfonso Gallardo regarding different interpretations of their accord, the Brazilian company said in the statement, without elaborating.

The acquisition was announced after the close of regular trading in South American markets. CSN rose 1.2 percent to 18.25 reais in Sao Paulo yesterday, the most in more than a week. The stock has gained 22 percent this year, double the 11 percent increase in Brazil’s benchmark Bovespa index.

Gerdau SA, based in Porto Alegre, Brazil, is Latin America’s largest steelmaker. Usinas Siderurgicas de Minas Gerais SA is Brazil’s second-largest steelmaker by output.

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