Nippon Steel Stainless Steel sold its 7.9pc stake in Spanish stainless steel maker Acerinox SA for around $260mn. The company however still holds, 7.9pc in Acerinox.
The Japanese stainless steel producer was Acerinox’s second main shareholder with a 15.49pc stake after Corporacion Financiers Alba which owns an 18.95pc stake.
In August 2020, Nippon had already taken a step towards the possibility of stake sale when Nippon’s board members in Acerinox stepped down.
Acerinox operates three electric arc furnaces and two AOD converters with an annual capacity to produce 1.07mn mt of steel. The company manufactures stainless steel and nickel alloys.
Acerinox reported a 177pc jump in profits in the first quarter of 2021 to EUR78mn ($93mn), from Q1 2020. Production by the melting shop in the quarter stood at 668,454mt, a 12pc increase over the prior-year period.