Italian long stainless steel and nickel alloy producer Cogne Acciai Speciali has finalized the acquisition of Mannesmann Stainless Tubes from German steelmaker Salzgitter, it said Nov. 1.
The Eur135 million ($144.5 million) deal was first announced in February, with Cogne saying at the time that the acquisition would widen its footprint to encompass the market for seamless tubes and stainless steel nickel alloy pipes. The EC cleared the merger in June.
“With this new acquisition we realize a further step in our strategy, which brings us a historic player in the seamless tube market, whose upstream integration with Cogne will make it even more competitive,” Cogne CEO Massimiliano Burelli said.
Mannesmann Stainless Tubes produces seamless stainless steel and nickel-based tubes in Germany, France, Italy and the US.
Upon joining the group, the company will be renamed DMV. Cogne previously provided Mannesmann with semi-finished products.
Cogne manufactures long products in stainless steel and nickel-based alloys for the aerospace, automotive and energy industries, as well as supplying the medical technology, food, chemical and plant engineering, and mechanical engineering sectors.
Platts, part of S&P Commodity Insight, assessed European 18-8 stainless steel scrap solids at Eur1,1170/mt Nov.1 on a CIF Rotterdam basis, stable on the day and up Eur10 week over week.
The 18-8 stainless steel scrap clips and solids are a commonly used reference for the grade-304 stainless steel scrap. The scrap contains a minimum of 16% chrome content and minimum of 7% nickel content.
