Steel News

Outokumpu Acquires Full Ownership in Joint Venture Mill

5/16/2018 - Finnish stainless producer Outokumpu is buying out its partner in its joint venture wire rod mill and will take full ownership of the facility.

In a statement, Outkumpu said it is acquiring Sandvik Materials Technology’s 50% stake in Fagersta Stainless for the equivalent of about EUR18 million. 

“Fagersta’s product offering complements well Outokumpu’s ASR wire rod mill in Sheffield, U.K., and Outokumpu plans to develop both units further to ensure continued offering of leading products and service to its wire rod customers globally,” the company said. 

Sandvik said the divestment of the Swedish plant is in keeping with plans to exit the stainless wire business.