Finland-based stainless steel producer Outokumpu has signed a joint venture agreement with the Italian company Tubinoxia, controlled by Andrea Gatti, for Outokumpu's tubular unit (OSTP). The joint venture is expected to become effective as of beginning of October.
As SteelOrbis previously announced, the letter of intent for the joint venture was signed in July, indicating that Tubinoxia will have 36 percent of shares in OSTP, also keeping the option to acquire up to 51 percent of share in a three-year time period.