Mutares SE & Co. KGaA (XTRA:MUX) has signed an agreement to acquire Sheffield Operations of Allegheny Technologies Incorporated (NYSE:ATI) on March 3, 2022. Rebranding of the entity as Special Melted Products Limited will follow. The transaction is subject to the satisfaction of customary regulatory approvals and other conditions. ATI's Board of Directors approved the divestiture on March 3, 2022. The closing of the transaction is expected by the end of the first quarter of 2022.

Mutares SE & Co. KGaA (XTRA:MUX) completed the acquisition of Sheffield Operations of Allegheny Technologies Incorporated (NYSE:ATI) on May 12, 2022. As of May 12, 2022, regulatory approvals and closing conditions are completed. In 2021, Sheffield Operations delivered a negative EBITDA of $6 million and sales of $36 million. ATI paid transaction costs, net of proceeds received, of $2.8 million in the second quarter of 2022, which is reported as an investing activity on the consolidated statement of cash flows, and expects to receive an additional approximately $3 million cash consideration on the sale of this business by the end of fiscal year 2022.