Italian steelmaker Arvedi, planning to sell its stainless steel service center AST Turkey to Saritas Steel, has applied to Turkey’s competition authority, whose approval would be needed for the completion of any takeover, according to the authority.
German industrial engineering and steel production conglomerate Thyssenkrupp sold Italian Acciai Speciali Terni (AST), including its subsidiaries in Turkey, Germany and Italy to one of Italy’s largest steel producers Arvedi Group in January 2022.
AST Turkey has a stainless steel processing capacity of more than 30,000 mt/year, in Kocaeli, near Istanbul.
One of Turkey’s largest stainless steel service centers, Saritas Steel, which is aiming to purchase Arvedi’s subsidiary, AST Turkey, also located in the same region.
Saritas, expected to increase its stainless steel processing capacity notably with the purchase, would not comment.
Platts last assessed 304 grade 2 mm 2B stainless CRC at $2,060/mt CFR East Asian ports on Nov. 24, down 1.9% week on week, according to S&P Global Commodity Insights data.
Author: Cenk Can