ArcelorMittal Hunedoara approves sale of all assets to UMB Steel for €12.5 million
Romanian steel producer ArcelorMittal Hunedoara has announced that its board of directors has approved the sale of all company assets to Romania-based UMB Steel for €12.5 million plus value added tax.
The board cited the lack of realistic prospects for a turnaround based on available data, the urgent need to curb ongoing losses linked to maintaining idle assets, and the necessity of generating liquidity to meet outstanding liabilities as decisive factors behind the approval.
The transaction covers the transfer of all tangible assets owned by ArcelorMittal Hunedoara at the time of sale. These include production machinery and industrial installations such as the electric arc furnace, rolling mill, locomotives, scrap processing and baling equipment, vacuum degassing and ladle furnace units, steel structures, cranes and auxiliary systems, motors, bearings, spare parts, tools, laboratory and weighing equipment.
Materials and inventories are also included, covering externally sourced and internally generated scrap, ferroalloys, refractory materials, electrodes and rolling rolls. In addition, all land and buildings located on the industrial site, including the slag heap and related appurtenances, form part of the sale, alongside all land parcels owned by the company outside the industrial site.
Completion of the transaction is subject to the fulfillment of several cumulative conditions, which must be met by June 1, 2026.
As SteelOrbis reported previously, ArcelorMittal Hunedoara permanently ceased production in September 2025 amid extremely challenging market conditions. These were driven primarily by persistently high electricity costs and intensifying competition from low-priced steel imports originating outside the EU. The plant specialized in the production of profiles and angles for the energy, construction and infrastructure sectors.
Holiday lull keeps European steel HRC market quiet
Most of the sources Fastmarkets contacted during the day said that they would be out of the market until next week.
Fastmarkets’ daily steel HRC index, domestic, exw Northern Europe, was assessed at €627.50 ($735.50) per tonne on Friday, unchanged since December 24.
The index was unchanged week on week, but was up by €9.17 per tonne month on month.
The latest official offers from Northern European mills for February/March-delivery HRC were heard at €630-670 per tonne ex-works or delivered. But estimates of tradable values were still below €630 per tonne ex-works.
Fastmarkets’ daily steel HRC index, domestic, exw Italy, was calculated at €623.12 per tonne ex-works on Friday, also unchanged since December 24.
The index was also unchanged week on week, but was up by €19.99 per tonne month on month.
Salzgitter to downsize and continue operating HKM steel plant
German steel producer Salzgitter has outlined a conditional strategy to keep operations running at the Hüttenwerke Krupp Mannesmann (HKM) steel plant in Duisburg, even as its joint venture partners move toward an exit. However, the company made clear that continued operations would require a substantial downsizing of the facility.
HKM is currently owned by thyssenkrupp Steel with a 50% stake, Salzgitter with 30%, and French pipe producer Vallourec holding the remaining 20%. Both thyssenkrupp and Vallourec have signaled their intention to withdraw from the venture, prompting Salzgitter to assess scenarios under which the plant could remain active.
According to Salzgitter, a continuation of operations would likely involve a sharp reduction in capacity—from the current level of around 4.2 million tonnes per year to roughly 2–2.5 million tonnes. The restructuring plan under consideration also includes replacing blast furnace production with electric arc furnace technology and significantly reducing the workforce, potentially from about 3,000 employees to nearly 1,000.
The company stressed that any takeover of the remaining shares would depend on clear preconditions. These include cost-sharing by the exiting shareholders for restructuring measures and layoffs, as well as firm steel procurement commitments from thyssenkrupp covering the next two to three years.
Adding to the uncertainty surrounding the plant’s future are ongoing arbitration proceedings between Salzgitter and thyssenkrupp. These disputes relate to financial responsibilities tied to restructuring and post-withdrawal liabilities, with outcomes that could materially influence the feasibility of maintaining HKM operations.
While Salzgitter has not ruled out a future for the Duisburg facility, the company’s statements underline that any continuation would be fundamentally different in scale and structure from HKM’s current configuration.
Flacks Group agrees with Italian government to acquire former ILVA Steel Group
U.S.-based private investment group Flacks, established in the UK, announced that it has reached an agreement with the Italian government to acquire the former ILVA steel group, which has long been loss-making and subject to environmental concerns.
The main plant of ILVA, located in the city of Taranto in the Puglia region and one of Europe’s largest integrated steel facilities, has for years been associated with environmental pollution and high cancer rates in the surrounding area. With the acquisition agreement, the aim is to secure the plant’s long-term future.
In a statement shared by the Florida-based Flacks Group on LinkedIn, the company emphasized that the transaction will preserve the employment of approximately 8,500 skilled workers and strengthen European supply chains that are critical to the automotive, construction, and infrastructure sectors.
The Group plans to invest up to EUR 5 billion in the modernization of the facility, including electrification and furnace upgrades, in order to support decarbonization, efficiency improvements, and sustainable growth. The statement also noted that the Italian government will remain a strategic partner with a 40% stake, while Flacks Group will hold an option to acquire an additional 40% share at a later stage.
Commenting on the transaction, Michael Flacks, Founder and Chairman of Flacks Group, stated: “Our objective is to make a long-term investment, modernize responsibly, and ensure that this historic steel plant has a lasting and sustainable future.”
Turkish Togg recorded more than 88.000 users in 2025
In 2025, Togg delivered 39,020 units of the T10X and T10F models to users, bringing its total user base to over 88,000.
Fuat Tosyalı, Chairman of the Board of Togg, stated that in 2025 the company reached many important milestones on its journey to becoming Türkiye’s global mobility brand and to expanding its mobility ecosystem across Europe. He said, “With our smart vehicles, our digital experience platform Trumore, our clean energy solutions Trugo and Siro, and our technology company Trutek, which focuses on the technologies of tomorrow, we are redefining mobility both in our country and in Europe. In 2026, which we see as a year of deepening and maturation, we will continue with the same determination to develop future technologies and move forward in line with our goals.”
Togg, Türkiye’s global technology brand in the field of mobility, achieved its targets in 2025 in line with its short-, mid-, and long-term roadmap. Evaluating the year 2025, Fuat Tosyalı, Chairman of the Board of Togg, recalled that after proving its success in Türkiye, Togg began its European journey in 2025, starting with Germany, and stated as follows:
“For seven years, we progressed in line with our plans and, for the first time in our history, succeeded in producing a smart vehicle whose intellectual property rights are entirely owned by our country. Following our first native electric smart vehicle, the T10X, we were delighted to introduce our second model, the T10F, to our users. We are proud that both the T10X and T10F models received the highest rating of five stars in Euro NCAP safety tests. With this rating, the T10X and T10F became two of the three safest cars in Europe.We offered both the T10X and T10F to users not only in Türkiye but also in Germany. We continue to work with full determination to become one of the most preferred brands in the European market, alongside Türkiye’s growing electric vehicle ecosystem. In Germany, where we followed a controlled plan for 2025, we signed 240 sales contracts in November and December and delivered 144 vehicles by year-end. Our deliveries are still ongoing.Being perceived as a ‘European manufacturer,’ our continuously updated software enabled by over-the-air updates, our simple digital experience, and the five-star rating from Euro NCAP are highly appreciated by German users. The end-to-end digital purchasing process we manage through Trumore also offers a transparent, trackable experience that meets expectations. To date, the number of people who have downloaded our Trumore application in Germany allowing users to manage processes such as pre-sales test drive appointments, sales, payments, financing, and after sales services has exceeded 50,000.”
Emphasizing Togg’s leadership in the electric vehicle market, Tosyalı continued: “The T10X continued to be one of the locomotive models of our brand in 2025 as well. There has also been strong interest in the T10F, which we introduced to the market as of September. The stability of the T10X in the market and the new interest generated by the T10F have complemented each other. This shows us that we are moving forward with the right steps at the right time as we expand our product range.
In 2025, we also introduced our dual-motor, all-wheel-drive 4More series, which offers higher performance, to our users. The T10X 4More Obsidian special edition stood out with its details inspired by the black tones of obsidian stone. In 2026, we will offer new color options for both the T10X and T10F. In addition, in the coming years we are focusing on increasing the range of Togg options we offer to our users with new models in different segments. For us, the most valuable thing is for our vehicles to grow by building a long-term relationship of trust with our users.”
“We Are Raising Quality Even Further Through Continuous Improvement Efforts”
Emphasizing that the continuous improvements implemented in the T10X have significantly enhanced the level of quality experienced by users, Tosyalı stated: “As a result of the continuous improvement efforts carried out on our T10X model, we achieved a significant improvement in user-reported quality feedback compared to the previous year. In the user satisfaction surveys that we measure on an ongoing basis, we recorded a 34% improvement in indicators related to perceived quality. We also launched our second smart device, the T10F, at a higher starting point in terms of quality indicators compared to the initial launch phase of the T10X. This is a concrete outcome of the learnings we have gained across our product development, production, and quality management processes.”
“Trugo Completed 5 Million Successful Charges”
Highlighting that Trugo is also the market leader, providing uninterrupted and convenient service to all electric vehicle users across all 81 provinces of Türkiye with ultra-fast charging stations, Fuat Tosyalı said: “Since April 2023, Trugo, as a licensed charging network operator, has completed 5 million successful charging sessions. Together with our partners, we operate more than 2,200 stations and over 4,000 sockets across 81 provinces, serving all electric vehicles and using 100% renewable energy for our ultra-fast chargers. With uninterrupted power, our widespread charging network, and high-speed charging solutions, we continue to support Türkiye’s energy transition.”
“We Are Also Supporting Users Through Authorized Dealerships”
Tosyalı also emphasized that Togg is expanding its network of experience and service points through new partnerships to reach more users: “Today, Togg serves users in all 81 provinces through a total of 22 experience centers 14 fixed and 8 mobile and 76 service points 41 physical and 35 mobile. Our priority is to provide the best experience at every touchpoint. As of December, a pilot program launched new authorized dealerships and service points in Antalya, Bursa, Gaziantep, Trabzon, and Tekirdağ. It is very important to us that our users know there is a reliable service point nearby that they can quickly access when needed. With this new structure, we aim to strengthen the Togg ecosystem and reach our users more effectively across all regions. Our 2026 expansion plans are entirely based on user feedback, field data, and ecosystem needs.”
Fuat Tosyalı stated that Togg will grow in 2026 with a balanced and sustainable approach: “We will continue our efforts to steadily increase T10X and T10F sales and market share in the Turkish market. On the product side, we will keep expanding user choices with new colors, versions, and models. We also plan to expand our sales and after-sales service network through authorized dealership agreements. In Germany, we aim to gain momentum in our second calendar year in the market. In short, we see 2026 as a year of deepening, maturation, and growth. We will continue to continuously improve our products with software and digital services and grow in Europe in a controlled yet determined manner. Our priority will always be user trust, quality, and sustainability.”