Brazil's Companhia Siderúrgica Nacional has agreed to sell its German steel plant to Spain's Megasa Group. The deal is valued at five hundred fifty million euros, or about six hundred sixteen million dollars. The plant, Stahlwerk Thüringen, sits in Unterwellenborn & produces long steel. It can make up to one point one million metric tons of steel each year. The Brazilian company is selling the plant to reduce its debt. Megasa gains a strong new foothold in the German market. The agreement is non-binding, with an exclusivity period of up to ten weeks.