Finland-based stainless steel producer Outokumpu has announced that it has received approval from the European Commission for the acquisition of Inoxum, the stainless steel unit of the German steel giant ThyssenKrupp.
Outokumpu stated that ,with the transaction, it will become the new global leader in stainless steel and high performance alloys, while it reiterated its commitment to finalizing the acquisition by the end of 2012.
According to ThyssenKrupp's statement, the Inoxum transaction will improve the company's strategic profile and reduce its net financial debt.
As SteelOrbis previously reported, in October Outokumpu submitted a binding remedy to the EU Commission to divest the Inoxum stainless steel mill in Terni, Italy and select European service centers.