Outokumpu has completed the divestment of the majority of its long products division to Italian re-roller Marcegaglia, the Finnish steelmaker tells Kallanish.
Marcegaglia agreed last July to acquire Outokumpu’s Long Products division for €228 million ($243m). Last month, the European Commission and US competition authority approved the move.
“I want to thank the personnel in Sheffield, Richburg and Fagersta for our joint journey as part of Outokumpu. It makes us pleased that the new owner, Marcegaglia, is a responsible and committed owner to develop Long Products business even further. As for Outokumpu, we can now fully focus on our core business of stainless steel flat products and ferrochrome according to our strategy,” says Outokumpu chief executive Heikki Malinen.
Adam Smith Poland