Division of Global Manufacturer of Steel Acquired by Italian Company

Global manufacturer in steel products announced the sale of Acciai Speciali Terni (AST), including the associated sales organization in Germany, Italy and Turkey, to the Italian company Arvedi. The parties have agreed not to disclose the purchase price.

The transaction is subject to approval by the supervisory board of thyssenkrupp AG and merger control clearance. The closing of the transaction is expected in the first half of 2022. thyssenkrupp is also examining a possible minority shareholding in the AST group. Details of this will be negotiated up to the closing.

"This fourth transaction shows once again clearly that we are working through our priorities and making decisive progress in the transformation of thyssenkrupp," Martina Merz, CEO of thyssenkrupp AG commented. “Speed in focusing the portfolio is crucial for a successful change process. At the same time, improving performance remains our most urgent task. Here too we are well on track and will not let up."

"[This] transaction has a compelling industrial rationale for Arvedi Group," said Cavaliere Giovanni Arvedi, founder and president of Arvedi, "which becomes stronger by successfully completing its product mix. Furthermore, this transaction is strategic for the whole Italian economy and represents an initial step towards new exciting developments. We are very pleased that [thyssenkrupp] is considering a potential minority shareholding in AST, guaranteeing continuity and showing trust in the know-how and capabilities of our Group."

"We are pleased to have found a new owner for AST in the Arvedi Group," adds Volkmar Dinstuhl, CEO of the Multi Tracks segment and Chairman of AST, "who will drive the development of the company with investments and innovations."

Progress has also been made with other portfolio companies in the Multi Tracks segment: The contract for the sale of the Mining business to the Danish company FLSmidth was signed at the end of July 2021, followed shortly afterwards by the signing of the contract for the sale of the Infrastructure business to FMC Beteiligungs KG. The sale of thyssenkrupp Carbon Components to Austrian Action Composites GmbH was completed on August 31. In addition, the closure of the heavy plate mill in Duisburg will be completed by the end of this month.