CMC selling stake in Czech long products firm
Nov 05, 2012 | 02:36 PM
| Michael Cowden
Tags
Commercial Metals,
CMC,
Joe Alvarado,
Trinecke Zelezarny,
Moravia Steel,
divestiture,
Czech Republic,
pipe mill
Croatia
CHICAGO — Commercial Metals Co. (CMC) plans to sell its 11-percent stake in Czech long products firm Trinecke Zelezarny AS to Moravia Steel AS for $29 million.
The Irving, Texas-based steelmaker said Monday that the sale, conducted through its Commercial Metals International GmbH subsidiary, reflects its strategy of divesting noncore businesses.
Moravia Steel, a Czech trading company, is the majority owner of Trinecke, according to the company’s website.....
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