Long-time stakeholder Industrivarden exits steelmaker SSAB

By Reuters

<p><body> <p> (Corrects to remove extra word in pararaph 5)</p> <p><span class="caps">STOCKHOLM</span> (Reuters) – Industrivarden late on Monday sold its stake in Swedish steelmaker <span class="caps">SSAB</span> for 2.02 billion crowns ($242.2 million).</p> <p>The Swedish investment firm said in a statement it sold the 4.3% of capital and 11.8% of votes at 45.53 crowns per share in an accelerated book building process addressed to institutional investors. </p> <p>Shares in <span class="caps">SSAB</span>, which is one of the top producers of heavy plate in the United States but counts Europe as its biggest market, closed at 47.88 crowns on Monday. </p> <p>Industrivarden, which became a large owner in <span class="caps">SSAB</span> in the 90’s, before selling around half of its stake in 2018, said the sale of the remaining shares was freeing up further capital for alternative investments. </p> <p><span class="caps">SSAB</span>’s shares are up 63% year-to-date on the back of strong demand and higher steel prices.</p> <p>Last month, Finnish state investment firm Solidium sold half its stake, or 6.3%, in the firm. </p> <p/> <p>(This story refiles to remove extra word in pararaph five)</p> <p/> <p> (Reporting by Anna Ringstrom; Editing by Kim Coghill)</p> </body></p>