Italian steelmaker Cogne Acciai Speciali has approved a capital increase of €45 million in order to strengthen its strategic position in the special steel sector, the company has announced in a press release. This capital increase is especially aimed to support the acquisition of the US-based tube producer Mannesmann Stainless Tubes, part of the German group Salzgitter AG.
“This operation (acquisition) is of great importance to strengthen our portfolio and our skills in the global market. We are confident that the acquisition can be completed by the fourth quarter of 2024”, the press release stated. According to Cogne Acciai Speciali, this investment will allow them to further meet demand in the aerospace, nuclear, medical and energy sectors.
Mannesmann Stainless Tubes’ products range from small diameter tubes (6 mm) to bigger diameter tubes (up to 280 mm), realized in stainless steel and nickel alloys. Its production centers are based in four countries: Germany, France, Italy and the US, and its global annual production in 2022 amounted to 280,000 mt.
