Czech trader Moravia acquires final shares in local longs producer

Czech steel trading company has acquired the remaining 10% of shares in local long steelmaker Trinecké Železárny (TZ), giving it full ownership, a spokeswoman for TZ told Steel First on January 3.

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“Per share, stakeholders were paid compensation of CZK1,815 [$91] – about CZK82 [$4] more than was estimated,” she added.

The total amount paid for the final stake remains unclear, the spokeswoman added.

The reason for the sale, which took place on December 18, was a change in legal requirements which took effect on January 1, 2014, stipulating that companies must have clear and verifiable ownership.

Before the buyout, Moravia owned 90% of the shares.

Moravia Steel has offices in Milan, Lisbon, Slovenia and the north-west of England.

TZ produces wire rod, rails, bars and other finished products at its site at Trinecke in the Czech Republic.

The plant produced 2.01 million tonnes of pig iron from two blast furnaces in 2012, and 2.5 million tonnes of crude steel.