Acciai Speciali Terni to find buyer by end-September

A buyer for Italian stainless steel producer Acciai Speciali Terni (AST), part of thyssenkrupp, should be announced by the end of September, maybe earlier, according to Italian economic development minister Giancarlo Giorgetti. He was speaking earlier this week at a televised hearing at Italy’s parliament, Camera dei Deputati.

“As a government we are following the procedure in full transparency and have a good relationship with Thyssen … We have highlighted our expectations regarding the future of such an important and strategic company … The expectations are of a business plan that respects both employment and complies with all environmental standards, which for steel are significant in terms of impact,” Giorgetti said at the hearing watched by Kallanish.

Two Italian companies have been shortlisted for the purchase of AST, Italian steelmaker Arvedi and re-roller Marcegaglia. Both visited the facility in Terni in July. The interest shown from Posco and Baosteel seems to have faded, sources say.

In April, thyssenkrupp started the first phase of the sale, where buyers had access to some of AST’s production, sales and financial documents. This phase, which lasted two months, has been handled by JP Morgan, which is overseeing the entire process (see Kallanish passim).

Natalia Capra France