Thyssenkrupp Sells Brazilian Steel Unit To Ternium

FRANKFURT--Thyssenkrupp AG (TKA.XE) on Thursday said it completed the sale of its Brazilian steel operation Siderurgica do Atlantico, or CSA, to South America-focused steelmaker Ternium SA (TX) for 1.5 billion euros ($1.79 billion).

The transaction is effective retroactively to Sept. 30. It will reduce Thyssenkrupp's net financial debt "significantly," allowing its capital goods and services businesses to account for more than 75% of sales, the group said.

"With the sale of CSA, Thyssenkrupp has now fully divested Steel Americas and achieved a further important milestone on its strategic way forward," the German company said in a release.

The company sold its processing plant in the U.S. to an ArcelorMittal and Nippon Steel consortium in 2014.