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Lusosider sale cleared

MATERIALS

ANGLO-DUTCH steelmaker Corus has been given the all clear to sell its stake in Portuguese cold rolled steel producer Lusosider.

Brazilian manufacturer CSN announced in May it would buy Corus's 50 per cent share in the company for £17 million but the deal was delayed while antitrust authorities investigated.

The sale was cleared amid renewed speculation that Severstal could be eyeing Corus after Arcelor snubbed a tie-up deal with the Russian steel firm.

Arcelor finally fell to a takeover bid from Mittal last week after 92 per cent of Arcelor's shareholders were persuaded to sell their stakes in the firm.