The European Commission approved the Marcegaglia deal to buy Severstal assets in the EU
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The General Directorate for Competition of the European Commission (EC) has approved a deal to buy Severstal’s assets in Latvia and Poland, the steel producer Marcegaglia from Italy. The text of the relevant decision was published on the website of the department on April 5.
“The European Commission has decided not to object to the deal, which has been notified to it,” the statement said.
It also emphasizes that the decision was made without easing EU sanctions, “including targeted financial sanctions against certain Russian individuals and entities.”
Vedomosti sent inquiries toSeverstaland Marcegaglia.
The appeal of the Italian company to the European Commission was reported in a publication in the Official Journal of the EU dated March 22, 2023 (Vedomosti wrote about this on March 24).
The report said 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).
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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