Finland-based steelmaker Outokumpu has announced that it has completed the transaction to divest part of its European stock operations to Europe-based metal distributor Amari. Approximately 100 Outokumpu employees and 10 of its stock operations in nine countries have been transferred to Amari.
A cash consideration of €18 million has been paid for the completion of the transaction, with Outokumpu booking a non-recurring impairment of €10 million in the second quarter accounts.
The transaction is a part of the company's ongoing programs to reduce working capital by €250 million and achieve cost savings of €100 million.