9,193.69 TL BIST 100 BIST 100
€33.89 EUR EUR
4.37 CNY CNY CNY
31.30 $ USD USD
0.13 CNY CNY/EUR CNY/EUR
44.87 TL Interest Interest
82.24 $ Fossil Oil Fossil Oil
22.71 $ Silver Silver
3.84 $ Copper Copper
115.84 $ Iron Ore Iron Ore
392.00 $ Ship Dismantling Ship Dismantling
2,060.77 TL Gold (gr) Gold (gr)

Outokumpu to take over remaining part of longs division

Outokumpu has signed an agreement to transfer the remainder of its Longs division, Degerfors and Storfors units in Sweden, to Cogne Acciai Speciali, an Italian producer of stainless steel long products and nickel alloys.

Outokumpu to take over remaining part of longs division

The transaction, which is carried out in the form of a share sale, must be completed within a few months, subject to customary conditions, including competition approval.

At the beginning of the year, the Finnish steelmaker transferred the majority of its Longs division to Italian re-roller Marcegaglia, excluding Degerfors and Storfors. While the remaining two division continue to operate within the Outokumpu Group, the firm evaluated different options for their future.

Matti Louhija, Head of Purchasing Outokumpu, said, “Our priority for the remaining longs operations in Degerfors and Storfors has also been to find buyers. We are happy to have agreed with Cogne Acciai Speciali for these operations as well. At the same time, this agreement is another positive step for Outokumpu in our strategy of focusing entirely on our core business, stainless steel flat products and ferrochrome.”

The transaction was said to have an operating value of €12 million ($13 million), which had a positive cash impact for Outokumpu. However, Outokumpu is planning a loss of around €30 million based on current valuation estimates. The amount of the loss is also subject to closing accounts and the accumulated final translation difference.

Comments

No comment yet.

Only +plus subscribers can access this content.

SUBSCRIBE now to share your thoughts on the markets and get more comments.
SUBSCRIBE If you already have an account Sign In

Most read news

Kazakhstan scrap export ban puts Russian metallurgy at risk

Friday, March 1, 2024

Exports of Russian square billets decreased by 12% in 2023

Friday, March 1, 2024

Thailand's scrap imports begin to recover in 2024

Friday, March 1, 2024

JSW Steel ventures into green steel manufacturing with new subsidiary

Friday, March 1, 2024

US hot-dip galvanized sheet imports increased

Friday, March 1, 2024
Follow List
Expand
Your watch list is empty

Add your favorite commodities for quick access and don't miss the latest price change news.


There are no news categories you follow
Edit Notification Preferences
E-bulletin subscription
Sign up to receive the latest news and daily iron prices by e-mail and sms
Become a Plus Subscriber Now!
Try it free for 3 days!
Subscribe Now
Neutral Prices
Be informed
Provincial Iron Prices
Comments and Analysis
Subscribe Now