Finland-based stainless steel producer Outokumpu has announced that it has completed the divestment of the majority of its Long Product business operations to Italy-based Marcegaglia Steel Group for €228 million, to focus on its core business of flat stainless steel products.
The transaction has strengthened Outokumpu’s financial position.
The transaction includes Long Product melting, rod and bar operations in Sheffield, UK; bar operations in Richburg, US; and the wire rod mill in Fagersta, Sweden, while it does not include Outokumpu Long Products AB operations in Degerfors and Storfors, Sweden, as SteelOrbis previously reported.
