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Monday, May 09, 2005
Tenaris S.A. announced today that it has completed the acquisition of a 97% shareholding in Donasid S.A, a Romanian steel producer, for EUR 37 million. Tenaris is also assuming EUR 16.8 million in long-term debt held by Donasid with AVAS, the Romanian state privatization agency and expects to spend an additional EUR 25 million in investments to adapt the steel shop to produce round steel bars and other improvements.
Donasid's assets include a steel shop located at Calarasi on the river Danube in the south of Romania. The steel shop, which has an annual capacity of 470.000 tons, includes an electric arc furnace and continuous casting facilities, and uses steel scrap as its principal raw material. Romania is currently a net exporter of steel scrap.
Through this acquisition, Tenaris expects to reduce costs and secure a reliable source of steel for Silcotub, its Romanian seamless pipe mill.
Posted by Mihai : 5/09/2005 06:54:00 pm
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