Austrian steelmaker Voestalpine AG has announced that it has completed the sale of its high-performance metals subsidiary Buderus Edelstahl in Germany to Germany-based investment company Mutares SE & Co. KGaA. The parties have agreed not to disclose the purchase price.
With the sale of Buderus Edelstahl, Voestalpine’s high-performance metals division is concentrating its product portfolio on the demanding high-performance materials segment, while simultaneously reducing the production of tool steel and high-grade engineering steel production, due to the higher competition from non-European countries.