Steel trading and processing group Trasteel is going public through a merger with Sizzle Acquisition Corp. II, a Cayman Islands-based special purpose acquisition company listed on Nasdaq under the ticker Szzl, Kallanish notes.
Trasteel and Sizzle II will form a new publicly listed holding company, called Pubco, subject to approval by shareholders of both entities and standard closing conditions.
The new entity is expected to list on the Nasdaq Stock Market under TSTL. Both Trasteel and Sizzle II will become subsidiaries. The transaction is expected to close by end of 2026.
Trasteel intends to use proceeds from this transaction for strategic acquisitions and investments. The transaction values Trasteel at a pre-money equity value of $800 million.
The value of the combined company is expected to be approximately $1.3 billion, assuming no redemptions by public shareholders of Sizzle II. This is based on estimated shares outstanding immediately after closing at $10/share and accounting for estimated net debt of approximately $184m.
Existing Trasteel shareholders will roll 100% of their equity into the new public company.
“The need for additional steel products in Europe and the rest of the world will only continue to accelerate as demand continues to outstrip supply. The funds raised through this transaction, together with gaining access to the public capital markets by listing on Nasdaq, will allow us to achieve our goals in 2027 and beyond,” says Trasteel’s chairman Giuseppe Mannina and ceo Gianfranco Imperato .
Sizzle II forecasts global steel demand to continue to increase. It believes that Trasteel will benefit from this increase in demand.
The company will be able “to weather geo-political risk and macroeconomic headwinds, while generating consistent results,” ceo Steve Salis comments.
Trasteel, which owns 13 facilities in six countries and is currently owned by Giuseppe Mannina, Fratelli Cosulich SpA and Gianfranco Imperato, has transformed from a steel trading company to a trading and steel processing firm each representing approximately half of total sales.
The company operates across more than 60 countries, covering the full steel supply chain, including raw materials, energy trading, non-ferrous metals and industrial transformation.
Author: Natalia Capra
