Italian unions express concern over AST sale

Italian unions have expressed concern at the lack of information regarding thyssenkrupp’s divestment of its Italian asset, Acciai Speciali Terni (AST). This comes in the wake of the company’s announcement in a Reuters interview that JP Morgan has been appointed as an advisor for the sale.

ThyssenKrupp’s Italian unit is going through a difficult patch due to the collapse in demand related to the coronavirus pandemic, and has been extending layoffs and limiting output. In September AST produce 8,500 tonnes of black coil, 18,000t of hot rolled strip and 45,000t of cold rolled products. Slab casters no.3 and no.7 were idled last month and affected workers were temporarily laid off using the government’s Covid-19 layoff scheme (see Kallanish passim).

Thyssenkrupp is seeking a sale for its Italian subsidiary, in which Italian steelmaker Arvedi and re-roller Marcegaglia have shown interest. Also interested are several other foreign groups, the unions say.