Finnish stainless steel producer Outokumpu has informed Italy's Ministry of Economic Developement that it has received three purchase offers for Terni-based Italian stainless mill Acciai Speciali Terni (AST), according to local Italian media reports.
Accordingly, US investment fund Apollo Global Management, on the one hand, and the consortium formed by ArcelorMittal's spin-off Aperam together with Italian steelmaker Arvedi Group and Italian steel processor Marcegaglia Group, on the other hand, have filed two binding offers for AST. In addition, a non-binding offer has been filed by the Chinese stainless steel producer Tsinghsan Group.
Outokumpu aims at finalizing a deal by the end of May. The European Commission has set May 7 as the deadline for Outokumpu to present a likely investor.
Within the framework of its acquisition of Inoxum, the stainless steel division of German steelmaker ThyssenKrupp, in order to satisfy EU regulators Outokumpu had agreed to sell off the Inoxum stainless steel unit in Terni.