Terni Special Steels returns to Italian ownership. The German giant Thyssenkrupp announced the sale of the Umbrian company ad Goodbye, a steel group based in Cremona. The scope of the sale includes the related commercial organization in Germany, Italy and Türkiye. The parties, according to a note, have agreed not to disclose the purchase price. For the final green light, the approval of the supervisory board of Thyssenkrupp is still needed, in addition to the controls of the authorities on the effects of the merger. The closing of the transaction should come in the first half of the 2022. Ultimately, Thyssenkrupp may choose to keep a minority stake in the AST group.
To date, Acciai Speciali Terni, Thyssenkrupp still recalls, employs approx 2.700 Guests and in fiscal year 19/20 it produced revenues of approximately 1,7 billion euros. Prior to this sale, the German steel giant had already sold three other subsidiaries in the Multi Tracks segment.
“This fourth transaction demonstrates that we are working on our priorities – he comments Martina Merz, CEO of Thyssenkrupp – Speed in portfolio focus is crucial for a successful change process. At the same time, improving performance remains our most pressing task. Here too we are on the right track and we are not giving up”.
Volkmar Dinstuhl, CEO of the Multi Tracks segment and president of AST, adds: “We are pleased to have found a new owner for AST in the Arvedi Group, who will lead the company's development with investments and innovations”.
According to the union Fim Cisl, the return of Acciai Speciali Terni into Italian hands is “positive news for the country, given the strategic importance of steel production for the entire industrial chain. The Arvedi group represents a very solid reality on an industrial level and has a long experience in the world of steel”.
However, the union hopes for a summons from the government “to find out the industrial plan in detail. A plan that will have to provide for development, employment and important industrial investments and environmental sustainability for the Terni site".
Finally, Fim Cisl asks the Minister of Economic Development, Giancarlo Giorgetti, "that with the return of Ast in Italian hands, the definition of the national steel plan can be reached which the minister himself has long evoked, but which must be concreted in the central comparison with the trade union".
