Finland’s Outokumpu continues to reduce its debt by a series of divestments around the world. The company has now concluded its deal to offload its shares in a Mexican stainless steel tube joint venture, it tells Kallanish.

The stainless steelmaker has completed the transaction regarding Fischer Mexicana S.A. DE C.V. first announced on 30 September. Outokumpu has divested its 50% stake in the joint venture to Germany’s F.E.R. Fischer Edelstahlrohre GmbH for $63 million.

As a result of the transaction, Outokumpu’s net debt decreases by approximately €50 million ($55m) and gearing by approximately 4 percentage points, it says.

Outokumpu’s own operations in Mexico remain unchanged, it confirms. The company operates five mills in the Americas including the integrated stainless steel mill in Calvert, Alabama, and a cold rolling mill in San Luis Potosí, Mexico.