SSAB to divest steel assets to Tata Steel, Ovako and Leif Hübert

Avance advises SSAB in the divestment of (i) the steel service centers in Halmstad, Sweden and Naantali, Finland as well as 50% of the shares in Norsk Stål Tynnplater AS to Tata Steel, (ii) Tibnor Oy to Ovako AB and (iii) 50% of the shares in Norsk Stål AS to Leif Hübert AS.

The transactions are part of the remedies required by the European Commission for the combination of Rautaruukki with SSAB. SSAB has now received the Commission’s approval regarding the divestments of all the remedies required for the combination. The steel asset transactions are still subject to the approval of national competition authorities. SSAB has already earlier completed the remedy divestment within the Finnish construction business (sale of Plannja Oy to Metehe Oy).

The Avance team for the divestments includes Ulf-Henrik KullIlkka PerheentupaMathias LindqvistAnders FlomanRasmus SundströmTopi Siniketo and Jaakko Kuusimäki(Corporate/M&A) as well as Mikko Alkio and Linda Nguyen (Competition).