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Tue, 20 Oct, 2015 12:04:13 AM
FTimes – STT Report, Oct 20

Steel producer Outokumpu is reducing its debt by selling a 55 percent stake to the Chinese joint venture Shanghai Krupp Stainless (SKS).

Outokumpu will receive 370 million euros for the stake.

The company says this acquisition will provide the ability to leverage its debt ratio about 30 percentage points.

Outukump's debt ratio at the end of June was close to 100 percent.

Capital gains are expected to rise 330 million euros, which Outokumpu will record in its financial reports for October-December.

Outokumpu has been operating at a loss recently. The company has suffered from enduring debt and weakness in the stainless steel market.

The buyer is Lujiazui International Trust. Outokumpu will keep a 5 percent stake.

Outokumpu will continue its cold rolling operations in a factory in China. SKS employs more than 450 people.

 
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