Arvedi Group plans to sell a Turkish asset to a local company

Italian steelmaker Arvedi Group plans to sell its Turkish asset AST Turkey to local company Sarıtas Çelik, Turkish Dünya reports.

AST Turkey, located in the industrial zone in Gebze, has an annual stainless steel processing capacity of more than 30 thousand tons. The company supplies products to many sectors, from automotive to household appliances.

This asset was acquired from Thyssenkrupp in 2021, when the German concern sold the Italian company Acciai Speciali Terni, including subsidiaries in Germany, Italy and Turkiye, to the Arvedi Group.

Sarıtas Çelik, which is preparing to acquire AST’s assets, is one of the leaders in its sector. It is a leading stainless steel service center (SSC) and warehouse complex in Turkiye. The company dominates the domestic market by offering a wide range of stainless flat products, but is also expanding its activities to stainless steel long products. It also pays special attention to the nearest export markets. Sarıtaş has a production capacity of 100 thousand tons per year and covers various types of metal processing.

As GMK Center reported earlier, the Italian stainless steel producers Acciai Speciali Terni (AST), which is part of the Arvedi Group, stopped production for three days – it was planned to be restored on December 1. The corresponding decision was made against the background of a reduction in the volume of orders on the EU market after the improvement of demand in September-October.

Also, global production of stainless steel in January-June 2023, according to the Stainless Steel Forum, decreased by 1.7% compared to the same period in 2022 – to 28.44 million tons.