Marcegaglia Steel S.P.A. signed an agreement to acquire Long Products Business from Outokumpu Oyj (HLSE:OUT1V) for approximately €230 million on July 12, 2022. In 2021, Long Products Business had net sales of €810 million. The transaction is subject to customary closing conditions and regulatory approvals by the competition authorities and requires for instance internal structuring before completion. The deal is expected to close by the end of this year. As of December 14, 2022, The European Commission and United States competition authorities has approved the deal and the transaction is expected to close in the beginning of 2023. Richard May, Alan Chalmers, Nigel Howard and Teresa Hitchcock of DLA Piper International LLP acted as legal advisor to Outokumpu. Ernst & Young Oy acted as financial and tax due diligence provider to Outokumpu Oyj (HLSE:OUT1V).

Marcegaglia Steel S.P.A. completed the acquisition of Long Products Business from Outokumpu Oyj (HLSE:OUT1V) on January 3, 2023.