Mika Seitorvita, CEO of Finnish steelmaker Outokumpu, has stated that the bids received so far for its Italian asset Acciai Speciali Terni (AST) do not meet the expectations of the Finnish company.
"The bids Outokumpu has received so far are not acceptable," he said. "We are working with the European Commission towards a solution which we believe will permit us to manage this situation toward an outcome that respects the interests of both Outokumpu and the European Commission."
Within the framework of its acquisition of Inoxum, the stainless steel division of German steelmaker ThyssenKrupp, Outokumpu had agreed to sell off the Inoxum stainless steel unit in Terni in order to satisfy EU regulators.
Outokumpu has agreed with the European Commission and the parties involved in the divestment process not to disclose any details of the process. Outokumpu expects to give an update on the divestment process together with its second quarter results. As communicated in connection with its first quarter results, the timeline for the divestment of Acciai Speciali Terni (AST) has been extended.