Phase 1 of the sale procedure for Italian stainless steel producer ThyssenKrupp Acciai Speciali Terni (AST) has begun, as stated by company managing director Massimiliano Burelli to local trade unions on the evening of April 14. Phase 1 consists in accessing a limited part of the documentation, Mr. Burelli explained. According to reports from the unions, this should last from 30 to 60 days at the most and is being carried out by J.P. Morgan, to which ThyssenKrupp last October assigned the task of identifying the players with the right characteristics for the subsequent phases, up to the phase in which binding offers will be made. Italy's Marcegaglia Group is among those interested in acquiring the Terni-based site, which is the main supplier of stainless steel for Marcegaglia. As previously reported, AST is valued between €600 million and €1 billion and the plant could also be sold to more than one company.
In May last year, the parent company ThyssenKrupp, announcing a deep restructuring plan, put AST on the market, looking for a partner or a buyer for the site.