The acquisition of a 10 percent minority stake in Cronimet North-East GmbH by Outokumpu has been completed after the customary closing conditions were met, and all regulatory approvals were granted. As an intermediate holding company, Cronimet North-East GmbH directly and indirectly holds the shares in the North-East European Cronimet companies.
The transaction was carried out in the form of a share purchase. Cronimet retains full operational control over the Cronimet North-East GmbH companies involved. There are no plans to expand the shareholding in Cronimet North-East or to acquire an interest in other companies of the Cronimet Group.
With this partnership, Cronimet and Outokumpu are intensifying their cooperation with the aim of optimizing the raw material cycle and using regionally processed scrap for the production of stainless steel in Europe.
Both companies have also agreed to work together on innovation and research. They want to work together on technologies that contribute to the decarbonization of stainless steel production. The partnership also focuses on reducing costs through better planning on both sides and reducing waste within the supply chain.