Marcegaglia expects the closing of the deal on the purchase of Severstal assets at the end of April
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Italian Marcegaglia expects the closing of a deal to acquire Severstal’s assets in Latvia and Poland at the end of April. This was reported to Vedomosti by a representative of the company.
He noted that this would have to be approved by the relevant national and EU authorities.
Earlier, the European Commission’s Main Competition Authority (EC) approved a deal to buy Severstal’s assets in Latvia and Poland by Marcegaglia (Vedomosti wrote about this on March 24).
The official journal of the EC reported that on March 10, the European Commission’s main competition department received a notification that the Marcegaglia Carbon Steel division plans to acquire SIA Severstal Distribution (SSD; Latvia) from Severstal, along with its two subsidiaries – Severstal Distribution Sp . zo.o. (Poland) and Severstal Distribution LLC (Ukraine). The amount of the deal was not reported.
Marcegaglia produces 6.2 million tons of finished steel products per year from steel semi-finished products supplied by third parties (i.e. it is a re-roller). The company has 29 factories and 60 sales offices around the world. According to its own data, it is the world’s largest independent roller of steel products, the largest manufacturer of welded stainless steel pipes in the world and the leader in the production of welded pipes in Europe.
Among other things, Marcegaglia owns an enterprise for the production of electro-welded stainless pipes, as well as stainless steel flat products in Vladimir. The company did not report on plans to leave Russia after the start of the special operation.
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