Outokumpu, a Finnish manufacturer of stainless steel, has gained clearance from all necessary competition authorities, including the US Federal Trade Commission and the European Commission, to complete the divestiture of its long products business.
Outokumpu agreed to sell the majority of its long product business to the Italian Marcegaglia Steel Group in July of this year.
The execution of the deal is subject to usual closing conditions in addition to regulatory clearances by the competition authorities. Outokumpu anticipates concluding the deal by the start of the next year.
In 2021, the Outokumpu Group's long products segment, which manufactures products including wire rods and rebars, was responsible for around 8% of revenues.
A wire rod mill in Fagersta, Sweden, bar operations in Richburg, the United States, and melting, rod, and bar operations for long goods in Sheffield, England are all included in the agreement.
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