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Sandvik Steel divests Guldsmedshytte Bruks AB

Sandvik Steel today signed an agreement covering the sales of the subsidiary Guldsmedshytte Bruks AB to the Norwegian Windcast Group A/S.

Ownership of the company will be transferred to the Windcast Group on 1 January 2001.

Guldsmedshytte Bruks AB, which has sales of about SEK 90 M, has 84 employees and produces castings for use in steel mills, among other applications.

Windcast Group A/S holds a leading position in castings for wind power plants and has sales of SEK 310 M. The Group has production companies in Norway and Germany. The largest single owner is AB Kemisten, a Swedish casting group with sales of SEK 250 M.

"The sale is part of our previously announced restructuring program, which is aimed at focusing on core operations and to secure a sustained, long-term return," says Lars Pettersson, President of Sandvik Steel.

Sandviken, 28 November 2000

Sandvik AB; (publ)