Finland-based stainless steelmaker Outokumpu has announced that it has submitted a binding remedy to the EU Commission to divest the Inoxum stainless steel mill in Terni, Italy and select European service centers.
The Italian mill divestment excludes a bright annealing production line in Terni with an annual capacity of 130,000 mt, which is to be transferred to an Outokumpu production site prior to the divestment. In addition, the divestment does not include the tubular unit in Italy, Tubificio di Terni.
Accordingly, the Swedish stainless units in Avesta, Nyby and Kloster included in the original remedy proposal will not be divested as a remedy and will continue operations within Outokumpu. The company has no plans to change the planned closures of the meltshops in Krefeld and Bochum, Germany, that were communicated earlier.
The review process of the EU Commission is expected to continue until November 16, 2012. Outokumpu remains committed to finalizing the transaction by the end of 2012.
In January of the current year, Outokumpu announced that it intended to acquire Inoxum, the stainless steel unit of German steel producer ThyssenKrupp, for €2.7 billion.