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Gobierno de España - Ministerio de Hacienda y Función Pública

Privatization file:ACERALIA

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ACERALIA

ACTIVITY

Through its alliance wit Arbed, ACERALIA Corporación Siderúrgica is Europe's first steel producer and the third in the world. Its product range has as destination the main productive sectors.
State-owned equity remaining
% stake sold State-owned equity remaining
100% 0%
Deals
Type of deal Buyers Date SEPI CCP's report Government approval
Private sale (bid) Arbed 28/07/1997 Jul. 97 01/08/1997
Private sale (bid) Gestamp y Arisrain 28/10/1997 Nov. 97 07/11/1997
IPO Listing 20/10/1997 Nov. 97 07/11/1997

ACTION ON ACERALIA

SEPI's actions in Aceralia for its privatization focused on the search of an international technological partner, the inclusion amongst the shareholders of Spanish industrial groups and the preparation of an IPO which made possible Aceralia's access to the stock markets.

The operation was implemented in three stages;

First; selection of a technological partner (July 1997)

The first stage of the privatization process concluded with the selection of Arbed as the technological partner, which acquired through a capital increase 35 per cent of Aceralia, which in its turn bought a 9.5 per cent participation in the Arbed Group and stakes in a number of Arbed subsidiaries. The strategic alliance executed among Aceralia, Arbed and SEPI implies the implantation of the Industrial Plan included by Arbed in its offer, with the commitment of carrying out industrial investments for the amount of 782 million euros in five year period.


Arbed's Industrial Plan for Aceralia (1998-2000):Commitments in the Plan to be singled out:

  • Maintenance of the current employment level, leaving without effects the plan for the staff reduction in 1,776 jobs through early retirement.
  • No-merger, spin-off, transfer, sale or closure of facilities or subsidiaries, with the exception of those which are not very important.
  • Implementation of investments for an aggregate amount of 782 million euros, which have to materialize during the period 1998-2002.
  • To keep the 35 per cent share in Aceralia's corporate capital.
  • The actions envisaged in the Plan are as follows;

  • Intensive exploitation of the facilities in Gijón-Avilés in order to reach a production level of 5.3 million tons of steel (20 per cent increase with respect to the CSI's initial plan of 4.4 million tons in the year 2002).
  • Optimization of ACB's future production until reaching a production of 1.8 million tons in the mature year of the plan (100 per cent increase with respect to the initial plan, and includes a possible production project for the DRI for the metallic charge).
  • Optimization of the production of hot reel in the lamination train of Avilés through a number of investments which allow reaching 3.5 million tons in the mature year (40 per cent increase with respect to the initial plan).
  • Widening and improvement of the mix of the coated products; a new 300-400 kt galvanization line in Avilés; the set-up of a new 700 kt continued recognizing line in Avilés; and a number of improvements in facilities for finishing of SIDMED and Echevarri. Altogether, it will reach a production of flat products for the sale of 4.1 million tons.
  • Modernization in stages of the process of long and conversion in Gijón and in Navarra. It will allow a production of 1.5 million tons of long products and of 0.7 million tons on converted products.
  • Second; entrance of other industrial partners (November 1997)

    Later on, two important Spanish iron and steel groups entered as accompanying partners; the first, the Aristrain Group, which acquired 10.8 per cent of Aceralia (another 0.4 per cent was directly acquired by Mr. José María Aristrain), while at the same time Aceralia acquired all the shares of the Aristrain Group, and Gestamp, the owner of the Gonvarri Group, which acquired 1 per cent of Aceralias' shares.

    Third; IPO (registration in the CNMV on November 21st, 1997)

    Aceralia's privatization was concluded when its remaining shares (52.8 per cent) were first listed in the stock market, which was carried out in December 1997 through a very successful IPO.

    Alliance

    On February 19th, 2002 Arcelor, integrated by the Spanish Aceralia, the French Usinor and Arbed from Luxembourg began being listed in Madrid's Ibex-35, replacing Aceralia. For the time being, Aceralia will continue being listed in the stock market, although outside the Ibex-35.

    Agreement with the trade unions in 1998

    Agreements signed on June 8th, 1998 among SEPI and the Federations for Steel of CC.OO. and UGT and Aceralia, regarding the employment in Aceralia Group of the redundant staff from AHV with the aim of promoting the search and creation of alternative employment.

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