August 3, 2006
12:30 CET
The sale of Rautaruukki's Nordic reinforcing steel business completed
Rautaruukki Corporation Stock Exchange Release 3 August 2006 at 13.30
The agreement signed on 25 April 2006 by Rautaruukki and BT Norway AS to sell
Rautaruukki's Nordic reinforcing steel business was completed today on 3 August
2006. The price for the shares is about EUR 123 million including a pre-closing
dividend to Rautaruukki. The price equals approximately the book value of the
divested companies. The price will be adjusted based on the accounts at closing.
Rautaruukki's Nordic reinforcing steel business comprises Fundia Armeringsstål AS
operating steel and rolling mills in Mo i Rana, Norway and distribution and
manufacturing service companies Fundia Betoniteräkset Oy in Finland, Fundia
Armering AB in Sweden, Fundia Armering AS in Norway and Fundia Armering A/S in
Denmark. The business has been reported as a part of Ruukki Metals division.
In 2005, the Nordic Reinforcing business generated net sales and EBIT of EUR 328
million and EUR 30 million, respectively. It had 689 employees at the end of last
year. The personnel in all companies subject to the transaction will continue at
existing employment terms.
BT Norway AS is a subsidiary of Bosian Time S.L. Bosian Time is an investment
vehicle wholly-owned by Mr. Francesc Rubiralta Rubió, whose family are the
controlling shareholders of Celsa Group, a group of leading steel long-products
producers in Spain, Poland and the UK. Bosian Time is independently incorporated
and separately financed from the Celsa Group.
Further information:
Mikko Hietanen, CFO, tel. +358 20 592 9030
Rautaruukki Corporation
Taina Kyllönen
VP, Corporate Communications
Rautaruukki supplies metal-based components, systems and integrated systems to
the construction and mechanical engineering industries. The company has a wide
selection of metal products and services. Rautaruukki has operations in 23
countries and employs 12,000 people. Net sales in 2005 totalled EUR 3.7 billion.
The company's share is quoted on the Helsinki Exchanges (Rautaruukki Corporation:
RTRKS). The Corporation has used the marketing name Ruukki since 2004.
DISTRIBUTION:
Helsinki Exchanges
Principal Media