Thyssenkrupp has successfully completed the sale of its Italian stainless steel mill unit Acciai Speciali Terni, or AST, to Italy’s Arvedi, the German steelmaker said Jan. 31.
The sale, which includes the company’s associated sales organization in Germany, Italy and Turkey, was first announced in mid-September 2021 and the European Commission green lit the acquisition in mid-December.
Thyssenkrupp, in a statement, said both parties had agreed not to disclose the financial details of the transaction, although thyssenkrupp would retain 15% in AST “to strengthen the already existing operating cooperation with Arvedi through such a minority shareholding.”
Thyssenkrupp added that the sale would improve its net financial position to more than Eur600 million ($672.9 million).
AST is the only integrated stainless mill in Italy and has a production capacity of around 1.3 million mt/year of crude steel, of which 70% is stainless and the rest carbon steel.
In the past Arvedi, which is Italy’s second-largest steelmaker, with a capacity of around 4 million mt/year of crude steel, bought part of its stainless hot and cold rolled coils requirement from AST.
— Jacqueline Holman
