The Marcegaglia group has signed an agreement to acquire 100% of all the main companies in the long stainless steel products division of Outokumpu, Finnish multinational world leader in the production of stainless steel and one of the recognized champions of sustainability. The transaction includes an electric furnace steel mill for special steels, a wire rod rolling plant and a bar production plant in Sheffield (UK); a bar production plant in Richburg (USA); a wire rod hot rolling plant and a drawn wire production plant in Fagersta (Sweden).
The division achieved revenues of 810 million euros in 2021 with an Ebitda of 47 million euros, employing about 700 people. The total value of the transaction (enterprise value) amounts to 228 million euros. The parties expect to complete the transaction by the end of this year, after the green light from the antitrust.
The Marcegaglia group, for the first time in its history, invests in the primary production of steel. «Thanks to this important one transformative acquisitionour group further strengthens its business of special steels – they comment Antonio and Emma Marcegaglia, respectively president and vice president of the Group of the same name – through two strategic lines. The first concerns flat products in stainless steel, where a partial integration is achieved upstream of the value chain with a view to shortening and stability of the supply chains and an offer of increasingly sustainable and competitive products is developed. The second, significantly expanding the production of long stainless steel products and further enriching the range of products and types of steel. The operation also aims to consolidate our position on international markets, acquiring further market shares both in Europe and in North America ».