The German concern ThyssenKrupp has successfully completed the sale of its stainless steel plant Acciai Speciali Terni (AST), including its associated network of service centers in Germany, Italy and Turkey, to the Italian company Arvedi.
The Germans and Italians agreed on the sale back in September 2021, but agreed not to disclose the financial details of the deal.
ThyssenKrupp will retain a 15% stake in AST to strengthen its existing operational partnership with Arvedi with a minority stake.
“We continue to focus our portfolio. Four deals in the past six months, including AST, one of the largest divisions in the Multi Tracks segment, speak for themselves. But one thing is also clear: portfolio management is an ongoing challenge in a high performing group of companies,” commented Martina Merz, CEO of ThyssenKrupp.
The stainless steel company AST employs around 2,700 people and generated sales of around 2 billion euros in the 2020/2021 financial year.
Earlier, the German concern completed the sale of the infrastructure business and carbon components, and also announced the sale of the mining business. In addition, the plate plant in Duisburg was closed.
The merger of AST and Arvedi creates a major European steel company with 6,200 employees. Arvedi's core business is the production of primary steel and the processing of steel products.