Marcegaglia acquires 100% of Outokumpu stainless steel for 228 million euros
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The Marcegaglia group closes the acquisition of 100% of the long stainless steel products division of Outokumpu for 228 million euros and realizes «the largest acquisition made so far in our history – explain Antonio and Emma Marcegaglia, president and vice president of the group family’s -. It is an operation that allows us to achieve important industrial synergies and to continue along the path of developing increasingly sustainable and competitive products». The Finnish multinational is in fact the world leader in the production of stainless steel and is among the recognized champions of sustainability.
The object of the purchase are 5 plants distributed between Europe and the United States which closed 2022 with a total turnover of almost 1 billion and 300 million euros and have around 650 employees. These include an electric furnace steel mill for special steels in Sheffield in the UK, where the wire rod rolling plant and the bar production plant are located. And then the bar production plant in Richburg, USA and the hot rod rolling plant and the drawn wire production plant in Fagersta, Sweden.
In the transaction, the company was assisted as financial advisor by Intesa Sanpaolo, for financial DD, fiscal DD and business advisory activities by PwC and, as legal advisor, by Studio Cappelli RCCD. The acquisition agreement, announced last summer (see the preview in ilSole24Ore of last July 14), was awaiting the go-ahead from the competition authorities which arrived in mid-December, both from the European Commission and of the United States Competition Authority.
Meanwhile, the names of the companies that will become part of the new geography of the Marcegaglia group have already been defined: Marcegaglia Stainless Sheffield Limited (controlled by Marcegaglia Steel), Marcegaglia Stainless Richburg LLC (controlled by Marcegaglia USA INC) and Fagersta Stainless AB (controlled by Marcegaglia Specialties). The prospects, also in the light of the very positive results of 2022, are of continuous growth and strengthening on international markets. As Antonio and Emma Marcegaglia explain «with this acquisition we further strengthen our business in the flat market and strengthen our stainless steel portfolio with long products, a market in which they had a small presence and in which instead now, in Europe, we become a significant player. And then, we close a circle, crowning the dream of our father Steno who aspired to invest in the primary production of steel».
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