en.Wedoany.com Reported - Chilean steel company CAP has reported to the Financial Market Commission (CMF) that it is in negotiations with Aceros AZA to develop a joint project to restart certain assets of the Huachipato steel plant in Talcahuano. The plant was shut down in 2024.
According to a material event notice submitted by CAP to the regulator, the parties are non-exclusively exploring an agreement that would combine specific steel assets of Compañía Siderúrgica Huachipato with the production capacity of Aceros AZA. Aceros AZA is a Chilean steel company controlled by the Del Río Group (Grupos Del Río) and the Matetic Group (Matetic). The transaction contemplates a corporate restructuring, after which Huachipato would retain approximately 20% of the industrial complex area along with certain industrial and steel assets. Subject to conditions and regulatory approvals, CAP would complete the sale of its shares in the subsidiary.
According to information published by Diario Financiero, the project investment will exceed $400 million, with approximately $120 million allocated to acquiring the steel business and the remainder for industrial transformation. The core of the plan involves building an electric arc furnace steel plant, a technology that produces steel using scrap metal, with lower carbon emissions than traditional steelmaking processes.
The restart of steel assets is part of CAP's transformation strategy following the overall shutdown of Huachipato's operations. The plan envisions Aceros AZA operating part of the currently available land, while CAP retains the remaining area to develop industrial, logistics, port, and real estate projects. The complex currently covers approximately 450 hectares, with the new steel project utilizing about 20% of that area.
CAP clearly stated that negotiations are ongoing and no final agreement has been reached. The project requires approval from the National Economic Prosecutor's Office (Fiscalía Nacional Económica, FNE) and the completion of necessary restructuring for both Huachipato and Aceros AZA. The final contract and potential financial impacts are still under negotiation. If the deal is finalized, it would be one of the main attempts to restart industrial activity at Huachipato since the steel operations were shut down in 2024.
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