Companhia Siderúrgica Nacional said on 9 October 2026 that it had signed a binding term sheet to sell Stahlwerk Thüringen, its German long-steel mill, to Spain's Megasa group at an enterprise value of €550m.
Why Bipadosa S.L. (Megasa group) is buying Stahlwerk Thüringen GmbH (SWT), from CSN
CSN said the potential sale is another important step in its divestment programme aimed at reducing leverage. For Megasa, which operates long-steel plants in Spain, Portugal and France, the mill would add a German production base.
Deal terms and financing
The term sheet, signed by CSN and its wholly owned subsidiary CSN Steel S.L. with Bipadosa S.L., covers all shares in SWT at an enterprise value of €550m subject to adjustments. It provides for up to 10 weeks of exclusivity and the signing of definitive agreements with customary conditions precedent.
Regulatory approvals and timing
Definitive agreements have yet to be signed; completion will be subject to customary conditions precedent.
Market context
SWT, in Unterwellenborn, Thuringia, specialises in structural sections and has installed capacity of 1.1 million tonnes a year. CSN bought it in 2012. The Rio Times put CSN's net debt at R$42.1bn at the end of June 2026 and the deal value at about US$616m.
