Italian steelmaking group Riva Group has implemented some measures aimed at separating its long and flat steel businesses, as reported by local Italian media sources.
Riva Group subsidiary Riva Forni Elettrici (Riva Electric Furnaces), which is focused on long steel production, now holds 100 percent of Riva Acciaio and 100 percent of Luxemburg-based Stahlbeteiligungen Holding. The latter company had owned 25.38 percent of Riva Group's Taranto-based Italian flat steel producing subsidiary Ilva, but this has now been transferred to newly established company Siderlux.
According to the project presented to Riva Group's last shareholders' meeting, "The long and flat seel business areas present radical differences in terms of production process...their separation will allow to them both to take optimal choices and develop new synergies". "New partnerships can be implemented more easily if the business areas are separated and managed by different boards," the project also specified.