AvestaPolarit sells stake in ss bar distributor

AvestaPolarit sells stake in ss bar distributor

The Finnish stainless steel maker AvestaPolarit has sold its 50% stake in stainless steel bar distribution company Avesta Valburna Ab to the Italian stainless long products producer Acciaierie Valbruna. Acciaiere Valburna holds the remaining 50% stake as well. Avesta Valburna Ab is located in Nordic Area, sourcing most of the products from Acciaiere Valburna facilities in Italy. Both companies are willing to keep the co-operation ongoing, basically by AvestaPolarit's Nordic sales companies to source bars from Valburna. This sale is seen in line with AvestaPolarit's strategic plans for developing its long products activities. AvestaPolarit has at the moment an investment in the Sheffield Melting Shop and Avestapolarit Bar unit in the US. AvestaPolarit has production plants in Finland, Sweden, UK and USA, and can offer service to customers worldwide through its own broad sales and distribution network. The Group has an annual stainless steel melting capacity of about 2 million tones, increasing to 3 million with the completion of ongoing expansions 2002-2004.