voestalpine Company News - Majority stake in Texan HBI plant sold to ArcelorMittal
ArcelorMittal acquires 80% stake in the Texan HBI plant from voestalpineTransaction values the subsidiary at about EUR 900 mn, equivalent to about 15% of voestalpines current EV
Equity value of 80% stake amounts to EUR 610 mn, results in one-off book gain of about EUR 280 mn for voestalpine
FY 21/22 EBITDA guidance raised from up to EUR 2.2 bn to just under EUR 2.3 bn, implies a mid-single digit upgrade on a l-f-l base
We have a positive stance on the transaction and the higher earnings target
voestalpine is engaged in the production, processing, and distribution of materials made of steel and in research and development in the areas of metallurgy, metal processing, and materials technology. Co.'s steel division focuses on the production and processing of flat steel products. Co.'s special steel division is involve in tool steel and high-speed steel. Co.'s metal engineering division is engaged in turnout technology, rails and treated wire, and tubes. Co.'s metal forming division is involve in tube products and precision strip steel as well as pre-finished system components. Co.'s other activities include heavy plate production, a foundry, and a number of downstream processes.
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