Marcegaglia is set to double stainless production at its site in Fagersta, Sweden
Marcegaglia Fagersta Stainless announced a Eur100million investment to double the company’s production volumes in the coming years, the company said on Nov. 6 during its 150th anniversary.
In Sweden, Marcegaglia produces around 60,000 mt of wire rod and aims to double its total production with the bar and stainless wire rod production.
“This strategic investment will expand our product offering to include a full range of stainless steel wire rod, bar, as well as rolled billets,” the company said. “The project, set to roll out over the next few years, positions Fagersta Stainless for continued growth, efficiency and sustainability in the global stainless steel Long Products market.”
At the end of September, Antonio Marcegaglia, chairman and CEO of Italy’s Marcegaglia Group, already anticipated to S&P Global Commodity Insights that the group was considering a “significant” project to expand capacity at its Fagersta site.
Fagersta Stainless generates approximately Eur160 million in turnover and employs about 250 people. Marcegaglia acquired Fagersta in 2023 as part of its purchase of the stainless steel products division of Outokumpu.
Platts, part Commodity Insights, assessed European 18-8 stainless steel scrap solids at Eur1,1170/mt on Nov. 1 on a CIF Rotterdam basis, stable on the day and up Eur10 on the 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.
