19
Oct
10:58
Outokumpu divests Shanghai Krupp Stainless
Finland’s Outokumpu has agreed to sell most of its stake in cold-roller Shanghai Krupp Stainless to Lujiazui International Trust Company. Outokumpu will retain a 5% stake and continue to operate the plant, Kallanish notes.
Lujiazui International, which ultimately reports to the Shanghai government, will pay €370 million ($420m) for a 55% stake. Shanghai’s Baosteel owns 40% of the 290,000 tonne/year mill in urban Shanghai.
Outokumpu …
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Very good overview of the weekly steel market.
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