Capital market-relevant press releases, 2001-04-12, 02:00 AM
ThyssenKrupp Stahl planning to sell Ferteco to CVRD
As part of its concentration on its core flat steel business, Thyssen Krupp Stahl AG intends to dispose of its Brazilian iron ore mining interests, which include two mines, an interest in a railroad company and a company-owned ore-loading port. The decision was triggered by the process of consolidation and restructuring taking place in the international iron ore industry since last year, in the context of which several other steel companies have also disposed of their mining interests.
Against this background the sale of the 100% shareholding in the mining company Ferteco Mineração S.A., based in Rio de Janeiro, to Companhia Vale do Rio Doce (CVRD), also based in Rio de Janeiro is beeing negotiated. CVRD and TKS will make a public announcement at the appropriate time.
Ferteco is the third-largest iron ore producer in Brazil. It has around 1,400 employees and achieved sales of euro391 million in fiscal year 1999/2000. CVRD is the world`s biggest iron ore producer and has been a major supplier to ThyssenKrupp Stahl since 1964.