Finland-based stainless steel producer Outokumpu has announced that its partner in its OSTP tubular joint venture, the Italian company Tubinoxia, controlled by Andrea Gatti, has become a majority shareholder. Tubinoxia has acquired an additional 15 percent of the joint venture's shares from Outokumpu, increasing its ownership in OSTP from 36 percent to 51 percent. Outokumpu remains as a minority shareholder with a 49 percent stake in the joint venture.
As SteelOrbis previously reported, Outokumpu and Tubinoxia agreed to establish the OSTP joint venture in July 2011, when Outokumpu decided to exit from the tubular business as part of its restructuring program.