The sale was first announced at the beginning of April. This follows the sale of a large part of the Long Products unit to Marcegaglia earlier in the year.
The latest transaction has an enterprise value of €12 million ($13 million) and has a positive cash impact for Outokumpu. The company will record a loss of approximately €30 million in the third quarter.
Outokumpu has therefore completely withdrawn from long product production and is now fully focussed on its core business of stainless steel flat products and ferrochrome. Outokumpu states that its plate operations in Degerfors are not affected by the divestment.