Italian-headquartered long products supplier Feralpi has received clearance from anti-trust authorities to complete the acquisition of Duferco Italia Holding’s stake in the Caleotto wire rod mill. The holding owns a 50% shareholding in the northern Italian mill.
Feralpi has been sharing control of the mill with Duferco for the last five years on a 50:50 basis. Giovanni Pasini and Lorenzo Angelini will be president and ceo respectively of Caleotto’s new management board, Feralpi says in a note sent to Kallanish.
Feralpi intends to continue implementing the relaunch of the rolling mill by investing in technology, quality and widening the product range of high steel grades.
“This operation is a sign of business continuity with the past five years during which the Feralpi-Duferco synergy has effectively relaunched the plant both technically and commercially,” Feralpi president Giovanni Pasini says. “It is evident that, in this period marked by the global pandemic, the priority is health protection, but immediately afterwards, as soon as the health conditions allow, there will be a need to restart […production] immediately. This is also why we commit to offer Caleotto full support to continue its relaunch.”
