Italian steelmaker Marcegaglia Group has announced the acquisition of 56 percent of shares in Teesside Cast Products, a subsidiary of Corus Group, which will maintain the 20 percent of shares, while the remaining 24 percent will be bought by the South Korean steel producer Dongkuk.
Through this acquisition worth a total of €460 million, Marcegaglia expects to increase its revenues from €4.2 million in 2007 to €6.5 million by 2012, while processed steel production is expected to increase from 5.2 to 8 million metric tons. Teesside is one of the main blast furnaces in Europe, with a workforce of 1,800 workers, producing 3.5 million mt of slabs per year.
According to forecasts, Marcegaglia is set to achieve revenues of €4.25 billion in 2008; meanwhile, output and sales levels in 2009 are thought likely to be stable in comparison to 2008.
Marcegaglia Group, founded in 1959 by current chairman Steno Marcegaglia, is an international giant in steel manufacturing and processing. Marcegaglia operates in several industrial fields, and in tourism and in financial and environmental services.