Luxembourg-based steelmaker Arcelor S.A. has entered into an exclusive agreement with
Germany's Schmolz + Bickenbach regarding the sale of Arcelor's
stainless long products subsidiary, Ugitech.
The terms of the sale were not reported, and the completion of the transaction is subject to completion of due diligence, approval by the boards of directors of both companies and regulatory approvals.
Schmolz + Bickenbach Group is a manufacturer, processor and distributor of specialty steel and
stainless bars and rods with the highest level of service to customers.