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Long-time stakeholder Industrivarden exits steelmaker SSAB

By Reuters

(Corrects to remove extra word in pararaph 5)

STOCKHOLM (Reuters) – Industrivarden late on Monday sold its stake in Swedish steelmaker SSAB for 2.02 billion crowns ($242.2 million).

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.

Shares in SSAB, 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.

Industrivarden, which became a large owner in SSAB 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.

SSAB’s shares are up 63% year-to-date on the back of strong demand and higher steel prices.

Last month, Finnish state investment firm Solidium sold half its stake, or 6.3%, in the firm.

(This story refiles to remove extra word in pararaph five)

(Reporting by Anna Ringstrom; Editing by Kim Coghill)