It was reported that 2 long products steel mills in Spain, Gallardo and Megasa, intended to acquire German steel manufacturer Stahlwerk Thüringen (SWT), which was owned by Companhia Siderúrgica Nacional (CSN), the second largest steel manufacturer in Brazil.

Gallardo and Megasa have submitted the offers of 300 million-350 million euros for the acquisition. However, Benjamin Steinbruch, CEO of CSN, targeted the price for SWT in a range of around 400 million to 450 million euros.

It was understood that CSN’s decision to sell the German division was to reduce the debt of around 25 billion reais. Also, CSN has been considering divesting the shares in Usiminas and raising cash in order to decrease the debt.