Frankfurt am Main: German heavy industry giant ThyssenKrupp on Wednesday said it had agreed to sell its Brazilian CSA steel mill to the Ternium group for €1.5bn ($1.6bn), ending its loss-making "Steel Americas" adventure.
The deal comes as ThyssenKrupp shifts away from its traditional steel business, which has been battered by low prices, to focus on making industrial goods such as elevators, submarines and car parts.
"With the sale of CSA, we are parting fully with Steel Americas. This is an important milestone in the transformation of ThyssenKrupp," said chief executive Heinrich Hiesinger.
The Luxembourg-based Ternium group's acquisition of the steel mill, still subject to regulatory approval, is expected to be completed by late September.
ThyssenKrupp had for years been trying to rid itself of the troubled Brazilian mill after already ditching its other steel plant in the Americas, the unprofitable Alabama steelworks, in 2014. Analysts welcomed the move .
