Thyssenkrupp AST Stainless Steel Mill Assets To be Sold

SEATTLE (Scrap Monster): German steelmaker Thyssenkrupp has announced sale of its Acciai Speciali Terni (AST) stainless steel mill assets to Italian group Arvedi.  The sale deal also covers the associated sales organization in Germany, Italy and Turkey. Both the parties did not disclose the deal value.

The deal is part of Thyssenkrupp’s transformation process, to focus on its main portfolio of operations by realigning the group. This is the sale of the fourth portfolio company in the Multi Tracks segment. The transaction is expected to close within the first half of 2022 and is subject to approval by the company’s supervisory board as well as merger control clearance. As per reports, the company is also exploring possibilities of a minority shareholding in the AST Group.

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The partnership with Italian steelmaker Arvedi is expected to create a strong European player in the steel business. Meantime, Arvedi has committed to make significant investments in connection with the acquisition of the new assets. Arvedi is expected to drive the development of the company with investments and innovations. The transaction is considered strategic for the whole Italian economy.