Outokumpu divests long products unit to Italy's Marcegaglia
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Update time : 2022-07-13 17:50:01
Outokumpu, a European leading stainless steel manufacturer based in Finland, announced yesterday (July 12) that it has signed an agreement to divest the majority of its long products unit to Italian industrial group Marcegaglia for EUR 228 million, including long products' melting, rod, and bar operations in Sheffield, England, bar operations in Richburg, the US, as well as a wire rod mill in Fagersta, Sweden.
In 2021, Outokumpu's long products unit accounted for approximately 8% of the group's sales.
Outokumpu said that the divestment was expected to be completed by the end of this year, and it will focus on its core business of flat stainless steel products.
