Outokumpu Sheds Majority Stake in Joint Venture
12/11/2015 - Finland’s Outokumpu has completed the divestment of most of its stake in its Chinese joint venture, Shanghai Krupp Stainless Co. Ltd. (SKS), the company has announced.
Outokumpu sold a 55-percent stake in the business to Lujiazui International Trust Co. Ltd. It, however, retained a 5-percent share in SKS and continues to operate its rolling mill. The mill has a capacity of 290,000 metric tons and employs more than 450 people.
Outokumpu said the deal allowed it to lower its net debt by EUR430 million.
Outokumpu sold most of its stake in SKS because it doesn’t align with Outokumpu's current strategy in China and the Asia-Pacific region, which is to focus on specialty grades and “tailored solutions,” Outokumpu said.
Outokumpu said the deal allowed it to lower its net debt by EUR430 million.
Outokumpu sold most of its stake in SKS because it doesn’t align with Outokumpu's current strategy in China and the Asia-Pacific region, which is to focus on specialty grades and “tailored solutions,” Outokumpu said.
