Saudi Arabia: Al-Tuwairqi acquires reinforcing steel units of Rautaruukki in Germany & Netherlands

摘要

Rautaruukki Corporation signed an agreement on 24 October 2007 to sell the steel reinforcing business of Ruukki Betonstahl GmbH of Germany and Ruukki Welbond BV of the Netherlands to the Al-Tuwairqi Group of Saudia Arabia. These transactions mark the completion of Rautaruukki's withdrawal, started last year, from the reinforcing steel business. The transaction will free up capital of over EUR 25 million. Rautaruukki estimates to book a capital loss of approximately EUR 2 million of the transaction for the fourth quarter of 2007.